Update: Sensex up 500 pts at midsession

Update: Sensex up 500 pts at midsession
PTI
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First Published: Tue, Oct 21 2008. 02 19 PM IST
Updated: Tue, Oct 21 2008. 02 19 PM IST
Mumbai: Continuing its northward movement, the Bombay Stock Exchange benchmark Sensex shot up by another 527 points at midsession on Tuesday on increased buying by funds as well as retail investors.
The 30-share index, which closed higher by 247.74 points on Monday, added another 527.11 points, or 5% at 10,750.20 as all the sectoral indices were trading in the positive zone with significant gains.
The wide-based National Stock Exchange’s Nifty rose by 130.05 points, or 4.16 per cent, at 3,252.85.
Market experts said trading sentiments were buoyed following monetary measures initiated by the Reserve Bank of India to improve liquidity condition.
The RBI on monday announced a 100 basis points cut in repo rate for the first time in over four years apart from 250 basis points cut in the CRR earlier.
Realty sector index remained on the top with a rise of 7.71%, followed by IT sector, which rallied by 7.31%.
Besides, consumer durables index moved up by 6.72 %, capital goods by 5.84%, banking index by 3.38%, oil and gas by 4.26 and metal index by 2.18%.
The Sensex had surged by 404 points at 11:45am, Nifty rose by 113.30 points, or 2.85% at 3,236.10.
Market experts said trading sentiments were buoyed following monetary measures initiated by the Reserve Bank of India are expected to improve liquidity in the financial market and lower borrowing costs for corporates.
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First Published: Tue, Oct 21 2008. 02 19 PM IST
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