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Sensex up 310 points in early trade

The 30-share index, which had lost 91.15 points in the previous session, shoots up by 1.77% to 17,597.62.

business Updated: May 02, 2008 13:59 IST

The Bombay Stock Exchange benchmark Sensex on Friday moved up by 310 points in early trade on buying by funds in heavy-weight stocks, tracking firm global markets.

The 30-share index, which had lost 91.15 points in the previous session, shot up by 310.31 points or 1.77 per cent to 17,597.62 in the first five minutes of trade.

Similarly, the National Stock Exchange index Nifty surged by 132.95 points or 1.62 per cent to quote higher at 5,298.85.

Marketmen said a firming trend in the global markets after the US Federal Reserve announced a 25 basis point cut in interest rates mainly boosted the trading sentiments here.

They said encouraging quarterly earnings announced by some corporate majors also had a positive impact.

The major gainers which supported the Sensex were Reliance Industries, Reliance Communications, Reliance Energy, Larsen and Toubro, Tata Steel, Tata Motors, Maruti Udyog, State Bank of India, ICICI Bank, HDFC Bank and HDFC Ltd.

Technology majors such as Infosys Technologies, Satyam Computers, TCS and Wipro were also in positive zone with sharp gains on funds buying.