The BSE benchmark Sensex rallied by 246 points in early trade on Friday on fresh buying by operators and investors on news of a second bailout package for Greece and plans to prevent the sovereign debt contagion from spreading to other European countries.
The 30-share Bombay Stock Exchange barometer resumed higher at 18,565.04 and shot up further to 18,689.29 before quoting at 18,682.00 at 1030 hours, showing a net rise of 245.81 points, or 1.33 %, from its last close.
The NSE's 50-share Nifty index also moved up by 71.25 points, or 1.29 %, to 5,612.85 at 1030 hours. All 30 members of the Sensex pack firmed up in morning trade. Major gainers were Sterlite Industries (up 1.08 per cent), Jaiprakash Associates (1.14 %) and ICICI Bank (up 0.96 %).
Index heavyweight Reliance Industries (RIL) rose 0.55 per cent to Rs 865.50 ahead of its Q1 results due July 25, 2011.
Asian shares surged in early trade to join a global rally triggered by news of a second bailout for Greece and plans to prevent the sovereign debt contagion from spreading to other European countries. The key benchmark indices in China, Hong Kong, Japan, Indonesia, Singapore, South Korea and Taiwan rose between 0.45 % and 1.70 %.