Markets try to catch up with world, Sensex rises 500 points (Lead)

May 4th, 2009 - 12:51 pm ICT by IANS  

Sensex Mumbai, May 4 (IANS) Indian equities markets soared soon after the opening bell as the bulls tried to make up for the loss of two trading days last week, missing out on a global rally. Indian investors also seemed to be enthused by positive signs shown by Asian markets about an hour into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 11,635.24 points, was ruling at 11,948.81 points, 4.78 percent or 545.56 points higher than its previous close.

Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,619.45 points, 4.19 percent higher than its last close.

Among broader market indices, the BSE midcap index rose 3.2 percent, while the BSE smallcap index was up 2.9 percent.

All the 13 sectoral indices on the BSE were in positive terrain, with the indices for metal, banking and IT stocks gaining the most.

Market breadth was very positive with 1,479 stocks advancing, 491 scrips declining and 50 remaining unchanged.

There were no losers in the 30-scrip Sensex.

Top gainers included Sterlite, up 11.29 percent at Rs.455.25; HDFC, up 9.33 percent at Rs.1,893; TCS, up 8.53 percent at Rs.676.35; and Hindalco, up 8.17 percent at Rs.58.25.

In Asian markets, while a key Japanese index - the Nikkei of the Tokyo Stock Exchange - closed Monday with modest gains of 149.11 points to close at 8,977.37 points, the Hang Seng, a key index of the Hong Kong Stock Exchange, was ruling high up in the green at 16,169.1 points, 648.11 points above its previous close.

All three major US stock indices ended Friday in positive territory on increased commodity demand and improving consumer sentiment.

The blue-chip Dow Jones Industrial Average rose 217.11 points, or 2.71 percent from its previous weekly close to 8,212.41, while the broader Standard and Poor’s 500 Index gained 2.4 percent, to 877.52.

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