The stock markets emerged from recent slump as the benchmark Sensex again traded above the 13000 level, gaining over 514 points on heavy fund-based buying in pre-close trade today after reports of Reliance Industries-IPCL merger plans.
The Sensex, which commenced higher, shot up further to record a gain of 514.12 points, or 4.09% to 13,094.49 at 1600 hours while National Stock Exchange index Nifty spurted by 151.65 points, at 3,778.50.
The rally was led by market-heaviest Reliance Industries on its plans to merge its subsidiary IPCL to improve the shape of its balance sheet.
The market sentiment was also boosted by Prime Minister Manmohan Singh’s statement today that more public sector companies would be listed. Firming Asian stock markets trend was another positive factor for the market.