Sensex crosses 11K at 11,023 points

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Mumbai, Oct 13: The key benchmark Sensex of the Bombay Stock exchange (BSE) on Monday, Oct 13 crossed 11,000-mark, touching a high at 11,023.67 in the mid-morning session, with a big gain of 495.82 points, from its previous clsoe of 10,527.85 on fresh heavy speculative demand from local operators after Union Finance Minister P Chidambaram today reportedly stated that the Indian economy would continue to grow at a satisfactory rate.

Brokers said ''The key benchmark indices opened in the green in early trade this morning, boosted by worldwide measures to support markets amid the global financial turmoil.'' Asian markets were trading mixed today, as China's Shanghai Composite, Taiwan's Taiwan Weighted fell between 2.47 per cent and 3.44 pc. However, Hong Kong's Hang Seng, Singapore's Straits Times, and South Korea's Seoul Composite rose between 1.82 pc to 3.48 pc.

Finance Minister P Chidambaram's statement before trading hours that India's economy continues to grow at a satisfactory pace also brought relief to the markets after the sharp market slump witnessed the last week. Banking stocks spurted. ICICI Bank surged more than 15 per cent. The market breadth was strong as buying was witnessed across the board. Trading in US index futures suggested the Dow would rise 289 points at the opening bell.

However, the 30-scrips Sensex rose 289.83 points at 10,817.68 in the opening session. The S &P CNX Nifty index of National Stock Exchange (NSE) is now up by 6.50 points to 3,386.45 points from its last finish of 3,279.95 points. But it resumed low by 7.05 to 3,272.90 points. The BSE Mid-Cap index was up 3.24 pc at 3,795.11 and The BSE Small-Cap index was up 3.04 pc at 4,487.84. Both the indices underperformed the Sensex.

Jaipraksh Associates was up 7.81 pc to Rs 82.10, Hindalco Industries moved up 6.63 pc to Rs 86 and Sterlite Industries rose 7.04 pc to Rs 293.50 spurted from the Sensex pack. Reliance Industries hiked 3.33 pc to Rs 1,577.90.

Banking stocks spurted. BSE's banking sector index Bankex rose 6.19 pc to 5,648.90. ICICI Bank spurted 15.82 pc to Rs 421.70 after the bank's chief executive officer K V Kamath today said deposits with the bank are safe, and that the bank had a cushion to take domestic and overseas shocks. Other major lenders, State Bank of India and HDFC Bank rose between 3.5 pc and 5.98 pc.


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