Sensex extends upward rally, surges 560 pts

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Mumbai, Mar 12: The benchmark Sensex extended the upward rally on Bombay Stock Exchange and surged over 560 points to a high at 16,683.37 on firm note in Asian market during the early trade.

After opening the session with a huge positive gap of 417.99 point upward gar at 16,541.14, Sensex surged further on fresh buying interest in selective scrips. However, it subdued at a relatively lower level in the mid-morning trade and hovered near the level of 16,500, brokers said. Meanwhile, the broader based S&P CNX Nifty index of Nation Stock Exchange surged high by 101.60 points or 2.09 per cent at 4,967.50, after opening on firm note.

The market surged in opening trade tracking strong global markets boosted by surprise move from US Federal Reserve to lend up to USD 200 billion in treasury securities. Asian markets opened on a strong note today, while US markets also staged a sharp rally overnight yesterday.

Reliance Energy surged by 6.89 per cent to Rs 1376 on 2.27 lakh shares. It was the top gainer from Sensex pack. Reliance Industries gained 2.87 per cent to Rs 2414 on 1.99 lakh shares. HDFC Bank was up 5.90 per cent to Rs 1410.50, ICICI Bank gained 5.07 per cent to Rs 897.80 and L&T surged by 4.95 per cent to Rs 3061, supported the upward rally.

Rural Electrification Corporation was hovering at Rs 123.30 on BSE, a premium of 17.43 per cent over the IPO price of Rs 105. The counter saw high volumes of 1.76 crore shares on BSE.

As per provisional data, Foreign Institutional Investors (FIIs) sold shares worth Rs 539.24 crore on yesterday. Domestic Institutional Investors (DIIs) were net buyers of shares worth Rs 303.36 crore on that day.

Crude oil eased slightly today, after hitting a record of USD 109.72 yesterday. Federal Reserve and other central banks pumped fresh funds into the financial system.


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