Mumbai, Mar 19: Market open on positive note today. The benchmark Sensex climbed 632 points at 15,325.79 on Bombay Stock Exchange from its previous close of 14,833.46 on fresh early inflows in the opening trade. Indian markets surged in the early trade as the fears of global turmoil in credit markets eased after a steep rate cut by the US Federal Reserve. Realty and banking stocks moved up to book considerable gains. Jaiprakash Associates and ICICI Bank were major gainers.
The market breadth turned positive today, brokers said.Meanwhile, the broader-based S&P CNX Nifty index of National Stock Exchange was up 162.65 points or 3.59 per cent at 4,695.65. As per reports, the US Federal Reserve late night yesterday cut its key interest rate by 75 basis points. Though the cut was smaller than some market participants had expected, investors focused on the likelihood of future cuts. Wall Street expects the Fed to cut interest rates further next month, but any future cuts are likely to be smaller. US investment banks Goldman Sachs and Lehman Brothers posted better-than-expected quarterly earnings, providing evidence that bank profits were intact despite the deepening credit crisis.
As per provisional data, FIIs sold shares worth a net Rs 1011 crore on March 18' 2008. Domestic funds bought shares worth a net Rs 177.33 crore. FIIs were net buyers of Rs 1,315.09 crore in the futures and options segment on the same day. FIIs were net buyers of index futures to the tune of Rs 1,017.39 crore and bought index options worth Rs 8.13 crore. They were net buyers of stock futures to the tune of Rs 291.39 crore and sold stock options worth Rs 1.82 crore.