Stocks gains on positive global cues

Mumbai, Jul 9: Key indices of stock market today sharply surged as the Asian Markets pared the gains on positive global cues after crude oil prices softened.

Sensex of Bombay Stock Exchange zoomed over 580 points at 13,931, while Nifty surged 167 points at 4,156 in the early trading session. All the sectoral indices on BSE were trading strong as most of the counters received good demands in the opening trade. Mid-cap and Small cap index were up by 2.5 per cent. Banking, realty and power stocks surged with a margin of 2.5-3.5 per cent. US crude oil futures fell sharply yesterday on the worries over global economic slow down. Asian markets were trading higher today.

Key benchmark indices in China, Singapore, Hong Kong, Taiwan, South Korea and Japan were up by 2-3 per cent.

Backhome, Reliance Industries rose 2.86 per cent to Rs 2,037.15, Infosys Technologies gained 1.44 per cent to Rs 1,761, ICICI Bank was up by 7.96 per cent to Rs 641.10, HDFC Bank was up 4.23 per cent to Rs 1,043.90 and State Bank of India up 3.95 per cent to Rs 1,252.05.

Reliance Infrastructure surged 6.13 per cent to Rs 801.25, Tata Power Company up by 5.7 per cent to Rs 1,087, Reliance Power gained up 5.33 per cent to Rs 144.30.

Reliance Communications rose 5.74 per cent to Rs 439.25.

Reportedly, South Africa's MTN Group has expressed uncertainty over the deal with RCom. The talks between the two is supposed to continue further.

As per the provisional figures on NSE, the Foreign Institutional Investors (FIIs) sold shares worth Rs 326.27 crore, while domestic funds bought shares worth Rs 427.27 crore on July 8.

FIIs were net sellers of Rs 412.02 crore in the futures&options segment on the same day. They were net sellers of index futures to the tune of Rs 653.68 crore and bought index options worth Rs 122.36 crore. They were net buyers of stock futures to the tune of Rs 94.09 crore and purchased stock options worth Rs 25.21 crore.

UNI