Sensex zooms up by 879 pts, ends over 18K

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Mumbai, Oct 23 (UNI) The Bombay Stock Exchange (BSE) sensitive index today zoomed up by a whopping 879 points to close at 18,492.84 on sustained heavy speculative demand from Foreign Institutional Investors (FII's) and some mutual fund operators.

The benchmark Sensex made a smart start with a gain of about 300 points at 17,910.30 and went over the 18K level during the afternon session on reports that the market regulator Securities&Exchange Board of India (SEBI) has cleared proposals allowing foreign individual investors to invest on Indian bourses, dealers said.

It hit the day's high of 18,542.41, a gain of 1632 points as compared to the day's low of 17,910, as the market exhibited volatile trading in a wide range, dealers opined.

Similarly, the broad baseD Nifty index of National Stock Exchange (NSE) surged by 289.70 points to close at 5473.70 as compared to its previous close of 5184.00 .

Nifty hit the day's high of 5488.50 and a low of 5176 during the trading sessions.

Dealers maintained that Index pivotals especially Reliance Industries were in strong demand on value buying after the recent fall. Short coverings may also have propelled blue chips. Asian and European markets were trading firm today.

The BSE Mid-Cap index was up 3.65 per cent to 7,528.06, underperforming the Sensex. BSE Small-Cap index gained 3.18 per cent to 9,132.66.

Among the 30-member Sensex pack, 26 were on the gaining side while only 4 of them slipped. The total turnover on BSE was Rs 5564 crore.


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