Markets surge, Sensex regains 11K level

Markets surge, Sensex regains 11K level

Mumbai: Stock markets on Monday opened on a strong note, never looked back in the day and at close the benchmark Sensex was up by an impressive over 800 points and had regained the 11,000 level, leaving behind losses suffered last week, the toughest ever for the bourses.

Asian and European markets also snapped their losing spree with key indices in the regions gaining nearly in the range of 5-10%.

The Bombay Stock Exchange 30-share Sensex settled the day higher by 804.38 points, or 7.76 per cent, at 11,332.20.

Similarly, National Stock Exchange’s index also gained 210.75 points, or 6.43%, at 3,490.70 and most of the index participants traded higher.

Marketmen credited the surge to Finance Minister P Chidambaram’s statement that more measures are expected to be announced to improve liquidity in the system. They said announcements by G-20 nations of plans to tide over the crisis also helped boost investor sentiment.

With governments worldwide assuring of steps to address the liquidity concerns, banking index surged the most at 12.51% at 5985.16 points.

ICICI Bank spurted 25% at Rs453.05 during intra-day before ending the day little lower at Rs424.95. Its shares were battered in the recent past on rumours that cast doubts over its financial strengths.