Markets snap losing streak, Sensex up 507 pts

Buoyed by strong rally in Asian markets

 It  tracked the strong rally across the Asian markets and strong opening of the European markets, besides the sliding dollar.

The Union Finance Minister’s assurance that there is no plan to withdraw government stimulus also added to the  sentiment in Dalal Street.

Besides, the reports that the business activity among the services companies surged to its highest level in more than a year in October also helped the market to gain further grounds.

The rally on the bourses was broad-based with all sectoral indices on BSE logging gains led by heavyweight stocks Reliance Industries, ICICI Bank, Bharti Airtel, ONGC and Infosys which spurted. The BSE Sensex surged 507points or 3.29 per cent to close at 15,912 points. The S&P CNX Nifty too logged a gain of 147 points or 3.22 per cent to settle at 4711in the day’s closing. Nifty November 2009 futures were at 4,712, near spot closing. Turnover in NSE’s futures & options (F&O) segment was Rs 72,239.34 crore, lower than Rs 81,574.39 crore on Tuesday. The market breadth, indicating the overall health of the market was strong, with as many as 1791 shares on BSE advanced as compared with 983 that declined. A total of 58 shares remained unchanged.

Among the 30-member Sensex pack, 27 gained while only 3 of them slipped.
The BSE Mid-Cap index rose 3.54 per cent at 5,994, outperforming the Sensex, while the BSE Small-cap index gained 2.18 per cent at 6,888 points.