Sensex zooms 312 points, surges above 39,350

The BSE Sensex rallied 312.16 points or 0.80 percent to 39,358.50 in early trade while the NSE Nifty edged higher by 90.15 points or 0.77 percent to 11,781.65.

Sensex zooms 312 points, surges above 39,350

New Delhi: Markets opened in the positive zone led by gains in banking, IT, metal, infra, pharma and auto sectors amidst positive Asian cues.

The BSE Sensex rallied 312.16 points or 0.80 percent to 39,358.50 in early trade while the NSE Nifty edged higher by 90.15 points or 0.77 percent to 11,781.65.

Top gainers in the Sensex pack in early trade included Tata Steel, Kotak Bank, Vedanta, Tata Motors, Axis Bank, Yes Bank, SBI, IndusInd Bank, Maruti, HDFC twins and RIL, rising up to 3.46 percent.

While, Bharti Airtel and Hero MotoCorp were the only losers in index, shedding up to 0.35 percent.

Meanwhile foreign institutional investors (FIIs) bought shares worth Rs 31.73 crore, while domestic institutional investors purchased shares to the tune of Rs 181.03 crore, BSE provisional data showed.

Yesterday the Sensex ended 85.55 points or 0.22 percent, higher at 39,046.34, while the Nifty closed 19.35 points, or 0.17 percent, higher to end at 11,691.50.

Asian share markets jumped on Wednesday amidst hope that the Federal Reserve would go for rate cuts at its policy meeting later today. MSCI`s broadest index of Asia-Pacific shares outside Japan climbed 0.6% in early trade, adding to a 1% gain the day before. Japan`s Nikkei rose 1.5% and South Korea 1.1%, a Reuters report said.

The Dow ended Tuesday with gains of 1.35%, while the S&P 500 rose 0.97% and the Nasdaq 1.39%. The S&P 500 has gained 6% so far this month to be 1% from the all-time high hit in early May, Reuters said.

With Agency Inputs