Mumbai, Jan 25: The benchmark Sensex surged over 800 points and Nifty zoomed up about 250 points after resuming the day on positive note, tracking the rally in Asian markets.
Sensitive index of Bombay Stock Exchange (BSE) resumed higher at 17,504 from its previous close of 17,221.74 and crossed over the level of 18,000 after few trades on fresh buyings in blue-chip pivotals. Most of the sectoral indices edged higher on BSE. ONGC and Reliance Energy were at smart gains. However, the market breadth was negative despite the early surge.
Asian markets buoyed up by several factors including strong corporate sentiment in Germany and a return of some confidence in the US economy after solid employment data and a congressional fiscal package. The Bush administration's fiscal package includes USD 150 billion of tax rebates and business incentives meant to prevent a slowdown in the US economy.
Back home, all-India bank strike has prompted Indian bourses to cancel clearing and settlement of trades, scheduled to be held today. The BSE Mid-Cap index was up by 2.21 per cent to 7,704.81 and Small-Cap index was marginally up at 10,084.11. The market breadth was negative, as 911 shares advanced as compared to 970 that declined, while, 18 remained unchanged in the early trade.
Reliance Industries (RIL) rose 3.47 per cent to Rs 2577, Larsen&Toubro rose 2.90 per cent to Rs 3641, while ICICI Bank fell by 6.64 per cent to Rs 1208.05.
Country's largest lender State Bank of India rose 3.67 per cent to Rs 2432. The bank has reported 69.82 per cent rise in net profit to Rs 1808.64 crore for the third quarter which ended on December 31, 2007. It's operating income grew by 33.10 per cent to Rs 15,364 crore in the same quarter over the corresponding quarter in the previous fiscal.
Among the other Sensex gainers, ONGC soared 8.13 per cent, Reliance Energy spurted 8.93 per cent , Bajaj Auto flared up 5.49 per cent, Bharat Heavy Electricals moved up 5.22 per cent and Grasim Industries rose 4.87 per cent.