Similarly, the Nifty index of National Stock Exchange (NSE) resumed high at 4040.80 points with small gain of 2.65 from it last finish of 4038.15 Brokers said the key benchmark indices spurted in opening trade, tracking a rally across the globe, triggered by hopes for a more comprehensive US government approach in taming the global credit crisis. The market breadth was strong. Banking shares surged. US markets recorded biggest one-day percentage gain since October 2002 after the US Treasury Secretary Henry Paulson proposed to congressional lawmakers a proposal to create an entity to deal with the billions of dollars of bad debt still choking the financial system.
The Dow Jones industrial average jumped 410.03 points or 3.86 per cent at 11,019.69. The S &P 500 index advanced 50.12 points or 4.33 per cent at 1,206.51, and the Nasdaq Composite index surged 100.25 points or 4.78 per cent at 2,199.10.
Later, the BSE 30-share Sensex was up 364.64 points or 2.74 per cent at 13,680.24. The Sensex hit the high of 13,807.09 and low of 13,680.24 points in the early trade. The S &P CNX Nifty index also advanced 119.85 points or 2.97 per cent at 4,158.00 from it last close of 4038.15.
Asian markets rallied today as key benchmark indices in China, Hong Kong, Singapore, Japan, Taiwan, and South Korea were up by between 3.33 per cent and 9.46 per cent, which helped to boost the market moral, brokers pointed out.
Banking and financial shares vaulted despite latest data showing rise in inflation. India's largest dedicated housing finance company, by total revenue, Housing Development Finance Corporation surged 5.79 per cent at Rs 2,254.60 on 74,945 shares. It was the top gainer from Sensex pack. ICICI Bank rose 3.33 per cent at Rs 595.50. Other banking shares HDFC Bank was up 4.55 per cent at Rs 1,277.65 and State Bank of India moved up 0.68 per cent at Rs 1,572.
Wipro was up 5.43 per cent at Rs 418.65, Bharti Airtel gained 4.39 per cent at Rs 793.70 and Satyam Computer hiked 4.73 per cent at Rs 350.85, brokers added.