The Hindu : Business : Sensex surges 550 points

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Wednesday, Sep 03, 2008
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Sensex surges 550 points

MUMBAI: The Bombay Stock Exchange sensitive index surged by over 550 points to regain the 15,000-level after 19 days on falling oil prices which eased concerns of high inflation and raised hopes of steady lending rates.

The Sensex shot up by 551.35 points to close at 15049.86 on Tuesday against 14498.51 on Monday.

The National Stock Exchange index Nifty also spurted by 155.35 points to 4504.

As many as 28 Sensex stocks gained in across-the-board buying while Ranbaxy and Tata Motors closed in the red. Interest sensitive realty and banking stocks staged an impressive rally with their sectoral indices closing the day up 7.35 per cent and 6.06 per cent, respectively.

Buying activity gathered momentum as speculators indulged in covering their long pending positions.

The Bombay and National Stock Exchanges will extend trading hours from September 24 on account of disruption of satellite services due to sun outage, an exchange release said here.

Trading will start as usual at 9.55 am, but will be suspended between 11.25 am and 12.10 pm. The day’s session will end at 4.15 pm. The new trading timing will be effective till October 8, it said. — PTI

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