Sensex surge over 571 pts on China’s rescue plans

Sensex surge over 571 pts on China’s rescue plans

Mumbai: Markets surged on Monday with the benchmark Sensex notching up a handsome gain of over 570 points to regain the 10,000-level on buying support sparked by strong global trends, bolstered by China’s multi-billion stimulus plan for its economy.

The bellwether index closed higher by 571.87 points, or 5.74%, at 10,536.16 after regaining the 10,000-level in the morning trade itself.

The National Stock Exchange index Nifty also spurted by 175.25 points at 3148.25.

Marketmen said stocks moved to positive zone on firm overseas trends which were bolstered by China’s stimulus plan and anticipation that governments elsewhere would follow suit.

Reliance Industries, the heaviest among all Sensex stocks, recorded handsome gains on reports that the company might slow work at the special economic zone because of global financial turmoil.

The breadth of the market was attractive as 28 shares in the 30-BSE Sensex were higher and two recorded losses. ITC fell by Rs2.40 at Rs172.40 and Maruti Suzuki by Rs1.60 at Rs596.05.