The Hindu : Business : Sensex surges on China stimulus

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Tuesday, Nov 11, 2008
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Sensex surges on China stimulus

MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, surged by over 570 points on Monday to regain the 10000-level on buying support sparked by strong global trends, bolstered by China’s multi-billion dollar stimulus plan for its economy.

The bellwether index closed higher by 571.87 points, or 5.74 per cent, at 10536.16 from 9964.29 against last Friday. The National Stock Exchange index Nifty also spurted by 175.25 points to 3148.25.

Marketmen said stocks moved to the positive zone on firm overseas trends which were bolstered by China’s stimulus plan and anticipation that governments elsewhere would follow suit.

Reliance Industriesrecorded handsome gains on reports that the company might slow work at the special economic zone because of global financial turmoil. The breadth of the market was attractive as 28 shares in the Sensex were higher and two recorded losses Metal segment index gained the most, by 562.50 points, or 10.92 per cent, at 5714.83 with sector majors Tata Steel, Jindal Steel and Sterlite Industries posting handsome gains. Capital goods sector was the second best performer by rising 483.02 points to 8118.43. — PTI

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