Equity markets make huge gains in early trade

August 6th, 2008 - 1:03 pm ICT by IANS  

A file-photo of Sensex

Mumbai, Aug 6 (IANS) Indian equity markets opened with an upswing Wednesday on news that global oil prices had fallen and the US Federal Reserve had kept interest rates steady. Then the markets made huge gains in early trade. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 302.58 points at 15,263.65. Twenty minutes into trading, it had climbed to 15,399.11, a gain of 438.04 points or 2.93 percent from its closing figure Tuesday.

At the same time the S&P CNX Nifty index of the National Stock Exchange was trading at 4,578.60 with a gain of 75.75 points from its previous close.

The market breadth was positive. On BSE, 1,510 shares advanced, 559 declined and 62 remained unchanged.

HDFC Bank Ltd, Maruti Suzuki and ICICI Bank were among the gainers while Tata Power and Tata Steel were among losers in initial trade.

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