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Sparkling start to Diwali, Sensex above 9k

This article was posted on Oct 28, 2008 and is filed under Market News

Unlike previous year’s Mahurat trading session, Indian market this time around ended on an upbeat with the benchmark BSE Sensex ending over the 9,000 mark. The BSE benchmark Sensex rallied 498 points or 5.8% to close 9,008 and the NSE Nifty index surged 160 points to close at 2,684.

Sensex rallied 498 points to close 9,008 and the Nifty surged 160 points to close at 2,684.All the 30-components of Sensex ended in the positive terrain with index heavyweights like Reliance Industries, Bharti Airtel, L&T, ICICI Bank and HDFC were among the major gainers. Like wise, all the 50 stocks Nifty ended with gains with pivotal like Bharti Airtel ONGC, NTPC and TCS among the major gainers.

All the BSE Sectoral indices ended in the green, BSE Realty index (up 10.2%), BSE Capital Goods index (up 7.8%), BSE Power index (up 7.6%) and BSE Metal index (up 7.6%). Even, the Mid-Cap and the Small-Cap indices surged over 7% each.

Looks like even equity markets across the globe were in the festive mood as the Asian markets climbed, snapping four days of declines, after traders and investors speculated that the losses were overdone.

Hong Kong’s Hang Seng Index rallied 14 percent, rebounding from its biggest decline in a decade, the Nikkei Nikkei 225 Stock Average closed yesterday 6.5% higher. The MSCI Asia Pacific Index rose 3.7% to 77.99 as of 7:03 p.m. in Tokyo, erasing earlier losses of 2.8%.

Stocks in the US also started off with a positive bias, the Dow Jones Industrial Average advanced 2.55 or 202 points at 8,380. The Nasdaq Composite index rose 2.7% or 4 points at 1,550 and the S&P 500 index added 2.8% or 23 points at 872.

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