Stock market surges over 500 points in early trade

March 12th, 2008 - 1:08 pm ICT by admin  

A file-photo of Sensex

Mumbai, March 12 (IANS) The Indian equities market opened with a huge positive swing Wednesday, piggybacking on a strong show by peers around the globe. Investors were seen buying stocks in banking, power and consumer durables sectors in early trade, thus boosting the market overall.

The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a gain of 417.99 points at 16,541.14. After 15 minutes of trading, the Sensex had surged to 16,677.59, up 544.44 points compared to its close Tuesday.

At the same time the S&P Nifty of National Stock Exchange was up by nearly 121.85 points from its previous close to reach 4,987.75.

The market breadth was extremely positive though with low volumes. In the initial trade 935 scrips advanced, 64 declined and 6 remained unchanged.

Other Asian markets were also trading higher. Hong Kong’s Hang Seng added 2.84 percent or 653.36 points at 23,648.71. Japan’s Nikkei surged 2.70 percent or 341.56 points at 12,999.84. Taiwan’s Taiwan Weighted gained 1.83 percent or 153.50 points at 8,535.10. Singapore’s Straits Times rose 2.64 percent or 75.58 points at 2,936.43. South Korea’s Seoul Composite advanced 2.14 percent or 35.16 points at 1,676.64.

At close on Tuesday, the New York stock market’s Dow Jones index gained 416.66 points, or 3.6 percent to reach 12,156.81. The Standard & Poor’s 500 index advanced 47.28 points, or 3.7 percent, to 1,320.65, while the Nasdaq composite index added 86.42 points, or about 4 percent to 2,255.76.

In Mumbai, L&T, Reliance Industries, NTPC, ICICI Bank, HDFC Bank, DLF, BHEL, Siemens, ABB, GAIL and Reliance Energy were the gainers.

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