Sensex up 148 points in early trade on global cues

Sensex moved up by 148 points in early trade on funds buying in heavy-weight stocks, sparked by firming global markets on hopes of a new US financial bailout package.

The Bombay Stock Exchange benchmark Sensex moved up by 148 points and regained the 13k level in early trade on Wednesday on funds buying in heavy-weight stocks, sparked by firming global markets on hopes of a new US financial bailout package.

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The 30-share index, which had gained 264.68 points in yesterday's volatile session, rose by another 148.04 points to 13,008.47 on buying by funds.

Similarly, the wide-based National Stock Exchange's index rose by 48.35 points to 3,969.65 points after most of the index participants traded higher.

Stockbrokers said overnight gains on the US markets on hopes of some alternative bailout package mainly buoyed the trading sentiments here.

They said a significant rise between 3 to 15 per cent in the Indian companies' ADRs on the US markets too positively impacted the trading on the domestic bourses.

Short covering in select counters by speculators also pushed share prices higher, they said.

ICICI Bank, country's largest lender in the private sector, traded Rs 9.15 higher at Rs 544, while Infosys Technologies shot up by Rs 29.45 at Rs 1,427.

Meanwhile, United States Dow Jones Industrial Average climbed 485 points, or 4.68 per cent, while the Nasdaq advanced by 98.60 points, or 4.97 per cent.