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Sensex zooms 539 points on global cues

The benchmark index bounces back to 14,680.09 points on emergence of buying by funds in heavy-weight stocks.

business Updated: Aug 20, 2007 10:36 IST

The benchmark index sky-rocketed by over 538.57 points in early trade on Monday on emergence of buying by funds in heavy-weight stocks, after the US Federal Reserve cut the rate of lending to banks.

The BSE-30 share index, Sensex, which was on a downward march in the last few trading on concerns over the unwinding subprime mortgage crisis in the US, bounced back by 538.57 points to 14,680.09 in first five minutes of trade on the BSE.

The wide-based National Stock Exchange's Nifty shot up by 154.55 points to 4,262.60.

All Asian markets were up 3.5-5.5 per cent during the morning trade on the back of a strong rally on Wall Street on Friday after the US Federal Reserve slashed a key US bank lending rate by 0.5 per cent in a bid to ease the credit crunch.

First Published: Aug 20, 2007 10:32 IST