Sensex opens firm at 19,336.96 pts, up by 300 pts

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Mumbai, Nov 14: The BSE index today resumed positive at 19,336.96 with a massive gain nearly by 300 points from its last close of 19,035.48 points on sustained heavy bull support from FIIs and local mutual fund operators in view of strong advice from global marketts.

The 30-share BSE Sensex was up 526.68 points or 2.77 pc to 19,562.16. It recorded a high at 19,625.43 points in intra day trade.

The broader CNX S&P Nifty gained by 145.7 points or 2.56 pc to 5841.10, before it resumed high at 5703.95 points from it last close of 5695.40 points.It registered a high at 5865.25 points in intrade trade.

The BSE Mid-Cap index was up by 2.12 pc to 8,113.72 and the BSE Small-Cap index rose by 1.89 pc to 9,801.29.

ICICI Bank jumped by 4.92 pc to Rs 1238, Bharti Airtel moved up by 4.41 pc to Rs 869.80, Tata Steel rose by 4.15 pc to Rs 867.50, Infosys Technologies rose by 3.72 pc to Rs 1688 and Tata Motors hiked by 3.28 pc to Rs 714.10.

FMCG firm Hindustan Unilever remained unchanged at Rs 200.40.

India"s biggest private sector firm by market capitalisation and oil refiner Reliance Industries was up by 2.58 pc to Rs 2765.30.

The BSE Power index rose by 3.04 pc to 4,527.68. The BSE Capital Goods index moved up by 3.40 pc to 20,292.56 and the BSE Bankex was up by 3.45 pc to 10,538.05.

'' Market sprang up in opening bell as worries about the US credit crisis eased after several top US executives reassured investors that the US banking system can withstand shocks from credit-related losses. Power, banking and capital goods stocks were in demand.

Asian markets, which opened before Indian market, were firm.Reports that government may consider allowing the Employees Provident Fund (EPF) an option of investing 5 per cent (pc) EPF corpus money in stock markets also acted positive for the market. As per reports, the EPF Board may examine the option of investing 5 pc EPF corpus money in stock markets, in an effort to pay higher returns to its subscribers. The over four crore EPF subscribers are presently getting 8.5 pc interest despite a strong demand by Left Parties to raise the rate to 9.5 pc, they informed.

Asian markets advanced today, as boosted by a strong rebound on Wall Street yesterday. Hong Kong's Hang Seng was up by 3.41 pc at 28,751.71 followed by Japan's Nikkei by 1.84 pc at 15,405.45, Taiwan Weighted by 2.8 pc at 8,971.50, Straits Times by 1.62 pc at 3,531.86 and South Korea's Seoul Composite by 1.48 pc at 1,961.56 edged higher.

US markets rallied yesterday, after reassuring news from Goldman Sachs Group Inc. and Wal-Mart Stores Inc. calmed some of the market's worst fears about the credit crisis and the economy. The Dow Jones industrial average surged by 319.54 points, or 2.46 pc, to 13,307.09. The S&P 500 index jumped by 41.86 points, or 2.91 pc, to 1,481.04, and the Nasdaq Composite index gained by 89.52 points, or 3.46 pc, to 2,673.65, which helped to boost in Indian bources, brokers added.


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