The Bombay Stock Exchange Sensex has shot up because of brisk buying by foreign funds
THE BOMBAY STOCK EXCHANGE (BSE) benchmark Sensex has shot up by over 619 points in the opening trade on brisk buying by foreign funds, triggered by easing euro-zone debt crisis and indications by the Reserve Bank of India (RBI) that it may pause rate hikes.
The 30-share index, which had gained over 500 points in the last three sessions, skyrocketed by 619.30, or 3.58 per cent to 17,908.13 in the first five minutes of trading.
The wide-based National Stock Exchange index Nifty also surged, up 197.90 points, or 3.80 per cent to 5,399.70, led by metal, banking, auto and IT sector.
The brokers said foreign funds turned net buyers, supported by a global equities rally following steps by European Union leaders to resolve the debt crisis in the euro region, especially, Greece.
Further, they said RBI`s indication earlier this week that it may pause further rate hikes, fuelled the uptrend.
Meanwhile, in Asia, the Hong Kong`s Hang Seng index was up by 1.82 per cent and the Japan`s Nikkei rose by 1.19 per cent in the morning trade.
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