Agencies
Mumbai, Mar 25:
The markets finally seemed to be out of woods as the benchmark Sensex posted this year's second biggest gain of more than 928 points to regain the 16k level at close on signs that the worst of the US housing slump might well be over.
The 30-share Sensex on the Bombay Stock Exchange zoomed by 928.09 points, or 6.07 per cent, to settle the day at 16,217.49 over its Monday's close. The index had slipped to below 16k level on March 13 this year. The BSE barometer had seen the biggest ever gain of 1,139.92 points on January 25, 2008.
On BSE, it was aggressive buying across-the-board and it was best reflected in the fact that no index-related stocks posted losses and all sectoral indices posted gains. Brokers said this mirrors the all-round optimism and bodes well for the markets.
The 50-issue S&P CNX Nifty of the National Stock Exchange also flared up by 267.65 points, its fifth biggest point-wise gain, or 5.81 per cent, at 4,877.50 over its previous close.
Marketmen said a surprise increase in sales of US pre-owned housing data indicated that the worst of the housing slump might be a thing of past now and it lifted the investor sentiments which led to a rally in the Wall Street yesterday.
Dow Jones industrial average yesterday surged by 187.32 points. The Nasdaq composite index also had added 68.64points. Most of the Asian markets also ended up in the range of 1.0-6.4 per cent today, while European indices also opened higher by 2.0-3.0 per cent.
Marketmen also added that the news that the JP Morgan raised the open offer for the ailing US investment bank Bear Stearns to USD 10 per share from USD 2 per share also aided in lifting the global indices.
Investors gain Rs 3 lakh cr
In what is seen as the initial signs of the markets coming out of the blues, the benchmark Sensex zoomed by over 928 points on Tuesday giving the much-needed relief to investors by making them richer by over Rs 3 lakh crore in a just a day. As the Sensex soared to the 16k level, the investor wealth also regained the Rs 50 trillion level which it had lost when the markets plummeted following US sub-prime crisis.
The 30-share Sensex on the Bombay Stock Exchange on Tuesday rose by 928.09 points, or 6.07 per cent, to settle the day at 16,217.49 over its yesterday's close. This is the second biggest gain for the barometer this year. "Today's jump is the most significant one and this technical
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