Home Economy Indian stocks surge on strong global cues

Indian stocks surge on strong global cues

By IANS

Mumbai : Indian capital markets opened with gains of around 500 points on the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) on strong global cues Wednesday.

Around noon, the Sensex was trading at 19,727.39 points, gaining 691.91 points or 3.63 percent over Tuesday’s close.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) was trading at 5,873 points, gaining 177.30 points or 3.11 percent.

All the key BSE indices were in good health, led by banking, metals and IT stocks. Market breadth was extremely strong and volumes were impressive.

In the US markets, the broader Dow Jones index was up by 320 points at 13,307, and the tech-heavy Nasdaq was up by 90 points to close at 2,674.

The rupee was fetching 39.34 against a US dollar.

Among the Indian American Depository Receipts (ADR) trading on the US bourses, MTNL was the major gainer by 13.65 percent, followed by HDFC Bank up by 13.26 percent, ICICI Bank moved up 12.37 percent and VSNL climbed 11.14 percent, while Infosys, Satyam, Patni Computer and Wipro were up by 4-7 percent each. However, Dr Reddy’s slipped into the red.

Crude oil prices slipped marginally. The US light crude oil for December delivery moved down by $3.45 at $91.17 a barrel. In the commodity segment, the Comex gold for December delivery slipped by $8.70 to settle at $807.70 an ounce.

The BSE mid-cap and small-cap indices showed strong momentum with gains of 2.33 percent and 2.71 percent, respectively.

The BSE 500 index was up by 240.31 points or 3.16 percent, plotting at 7,836.88 points.

Asian markets surged Wednesday, boosted by a strong rebound on Wall Street overnight. Hong Kong’s Hang Seng surged 3.41 percent or 948.36 points at 28,751.71, Japan’s Nikkei gained 1.84 percent or 278.82 points at 15,405.45, Taiwan’s Taiwan Weighted rose 2.8 percent or 244.29 points at 8,971.50, Singapore’s Straits Times advanced 1.62 percent or 56.39 points at 3,531.86 and South Korea’s Seoul Composite was up 1.48 percent or 28.67 points at 1,961.56.

The top gainers on the Sensex were HDFC Bank — surging 9.28 percent at Rs.1,725, HDFC gained 7.44 percent at Rs.2,780 and ONGC moved up by 4.99 percent at Rs.1,242.35. There were no losers on the index in early morning trade.