13 March,2009 10:42 AM IST | | PTI
The Bombay Stock Exchange benchmark Sensex today surged by 245 points in early trade on increased buying by funds driven by an extended rally on the US markets.
The 30-share barometer, which had gained 183.35 points yesterday, moved up further by 245.30 points, or 2.93 per cent, to 8,589.05 points.
Banking, oil and gas, realty and metal stocks led the rally. The wide-based National Stock Exchange's Nifty climbed 68 points to 2,685.45 points in opening trade.
Trading sentiment on the domestic markets got a boost after overnight rally on the US markets following better-than- expected retail sales data and other positive corporate news, traders said.
Inflation dropping to near seven-year low of 2.43 per cent for the week ended February 28 too had a positive impact, they added.
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The BSE banking index moved up by 3.65 per cent to 3,891.24 with shares of state-run State Bank of India rising by 2.26 per cent to Rs 931.50, ICICI Bank by 6.31 per cent to Rs 302.20 and HDFC Bank by 2.80 per cent to Rs 821.90.
Other gainers, which supported the Sensex, were Reliance Industries up 3.60 per cent to Rs 1,245.25, Reliance Infra by 3.55 per cent to Rs 457.45, RCom by 3.25 per cent to Rs 142.80, Infosys Technologies by 3.17 per cent to Rs 1,266, Tata Steel by 2.66 per cent to Rs 160.10 and ACC by 2.16 per cent to Rs 552.70.
The US Dow Jones Industrial Average had ended higher by 3.46 per cent. Hong Kong's Hang Seng index moved up by 4.03 per cent and Japan's Nikkei gained 4.96 per cent in early trade today.
