The BSE benchmark Sensex rallied by 372 points to its highest level in nearly 7 months on Friday on all-round buying triggered by strong global cues following US Fed steps to bolster economic growth and capital inflows.
Besides, a steep hike of Rs. 5 a litre on heavily subsidized diesel by the Cabinet Committee on Political Affairs (CCPA) on Thursday to bring down the burgeoning fiscal deficit bolstered investor sentiment.
The BSE 30-stock index, Sensex, resumed higher at 18,284.75 and shot up further to 18,456.33 before quoting at 18,392.95 at 1030 hrs, up 371.79 pts or 2.11 per cent.
The NSE 50-share Nifty also rose by 114.60 points or 2.11 per cent to 5,549.85 at 1030hrs.
Major gainers were Hindalco (5.03 pc), ICICI Bank (4.62 pc), SBI (4.26 pc), Tata Motors (4.21 pc), Tata Steel (4.16 pc), Jindal Steel (4.15 pc), Sterlite (3.82 pc), Gail India (3.36 pc), Maruti Suzuki (3.32 pc), Tata Power (3.04 pc) and RIL (2.52 pc).
Asian stocks made gains in the early trade after the US Federal Reserve announced an aggressive new stimulus plan to revive growth in the world’s largest economy.
Key indices in Japan, South Korea, Singapore, Taiwan China, Hong Kong and Indonesia gained by up to 2.67 per cent.
US markets surged yesterday after the Fed announced to buy back USD 40 billion worth of mortgage securities per month, to keep borrowing rates low.
The Dow Jones Industrial Average ended up 206.51 points or 1.55 per cent and the Nasdaq Composite index gained 41.51 points or 1.33 per cent.
Keywords: Sensex, Nifty, BSE, NSE, stock market, Hang Seng index, diesel price
It is sad to note that an insignificant of the so called idle speculators who have never indulged in hard work enjoys the rise in sensex index based on Govt's decision to hike the price of diesel and limit the number of LPG at the current price. Where is the question of subsidy as claimed by these investors of this stock market as well as the Govt. Central govt and state govts levy around almost 50% as excise and taxes and yet claiming of subsidy is height of foolishness and daylight cheating the common man. US budgetary defecit is five times that of our budgetary deficit yet there are no sharp hikes of commonly used consumables. stopping indiscrimantory imports and stressing the developed countries to link their currency to their gold holdings will reveal the actual value of their currency.
Instead by their manipulations developing countries are made to pay in spite of the fact US $ intrinsic value is at the rock bottom.
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