Sensex surges over 300 pts on PM’s assurance

Sensex surges over 300 pts on PM’s assurance


Mumbai: The benchmark Sensex soared by over 320 points in late morning trade on Friday after Prime Minister Manmohan Singh assured that country will sustain a growth rate of 8% despite the adverse impact of the global financial crisis.

The 30-share index, which opened higher by 160 points, surged further by 323.93 to 8,774.94 points despite weak global markets. The BSE barometer had tanked over 2,100 points in the last seven trading sessions.

The wide-based National Stock Exchange’s Nifty moved up by 95.25 points at 2,648.46 points.

“We have the ability to sustain a growth rate of about eight per cent. And we will do so," the Prime Minister said at the Hindustan Times Leadership Summit here.

Marketmen said sentiment turned better after government data showed inflation declined by 0.08% to 8.90% during the week ended 8 November.

Country’s most valuable company Reliance Industries gained Rs19.40, or 1.83%, at Rs1,078, while ONGC stocks gained Rs24.50, or 3.77%, at Rs674.90 mainly contributed rise to the Sensex.

SBI stocks gained Rs26.75, or 2.45% at Rs1,119.30.

Other gainers were BHEL, Larsen and Toubro, Bharti Airtel, DLF Ltd, Grasim Industries, Maruti, Mahindra, Mahindra and Sterlite Industries. Tata Power and Tata Consultancy.