Sensex surges by 289 pts in opening session

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Mumbai, Oct 29 (UNI) After its surge yesterday on the Mahurat day, the Bombay Stock Exchange (BSE) Sensex today again opened on a positive note, up by 289.68 points at 9,297.76 points, from its previous close of 9,008.08 points, on renewal of bull support from local operators, in view of strong global clues.

However, National Stock Exchange Nifty opened steady at 2,685.30 points from its last close.

Asian stocks rallied on hopes that the Bank of Japan and the Federal Reserve will cut interest rates this week to spur growth and as credit markets continued to show signs of recovery. Key benchmark indices in Hong Kong, Japan, China and Taiwan were up by between 0.75 per cent to 3.53 per cent. However, Key benchmark indices in Singapore and South Korea were down between 1.45 per cent to 1.69 per cent.

US markets rallied yesterday on bargain-hunting with expectations of a interest rate cut by the US Federal Reserve later during the day at a scheduled meeting. The Dow Jones surged by 889.35 points or 10.88 per cent to 9,065.12.

Later, the BSE 30-share Sensex jumped by 289.68 points at the intra-day's high of 9.297.76 in early trade. The Sensex rose by 74.74 points at intra-day's low of 9,082.82 in early trade. The S &P CNX Nifty was up by 36.45 points at 2,721.05.

The market breadth was strong. The major gainers included Reliance Industries (RIL), up by 3.06 per cent to Rs 1,188.15, Jaiprakash Associates by 5.54 per cent to Rs 62.85, HDFC by 4.91 per cent to Rs 1,625 and ICICI Bank by 4.89 per cent to Rs 351.80.

Realty majors, Indiabulls Real Estate, DLF and Unitech jumped between 2.02 per cent and 6.72 per cent.

Even Tata Steel, Hindalco Industries, Sterlite Industries, Steel Authority of India and Hindustan Zinc, rose between 2.34 per cent to 7 per cent. Mahindra&Mahindra surged by 3.06 per cent, ahead of Q2 September 2008 result to be announced today.

However, Hindustan Unilever fell by 1.44 per cent and was the only loser from the Sensex pack.

UNI NV/AR SR AW1256

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