Mumbai: The benchmark Sensex surged by 597 points during morning trade on the Bombay Stock Exchange on Tuesday after market regulator Sebi decided to allow the sub-accounts of Foreign Institutional Investors (FIIs).
Sebu on Monday evening decided to allow proprietary sub-accounts of FIIs to apply for a full licence if they are used for their own trading and to put registration of FIIs on the fast track.
Realty and bank stocks led the rally on the market, which was also boosted by strong global cues. The BSE barometer, Sensex, opened with a wide gap of 296.31 points and later surge past 18K to a high of 18,211.17, a rise of 597.18 points over Monday's close of 17,613.99. It was later quoted at 18,203.91 at 10.30 am.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) zoomed by 194.70 points to 5,378.70 at 10.30 am from previous close of 5,184.00.
Investors were seen covering short positions ahead of the expiry of October contract of derivatives on Thursday.
The benchmark Sensex surged by 597 points during morning trade on the Bombay Stock Exchange on Tuesday following Sebi's decision to allow the sub-accounts of Foreign Institutional Investors (FIIs).
The market regulator on Monday evening decided to allow proprietary sub-accounts of FIIs to apply for a full licence if they are used for their own trading and to put registration of FIIs on the fast track.
Realty and bank stocks led the rally on the market, which was also boosted by strong global cues. The BSE barometer, Sensex, opened with a wide gap of 296.31 points and later surge past 18K to a high of 18,211.17, a rise of 597.18 points over Monday's close of 17,613.99. It was later quoted at 18,203.91 at 10.30 am.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) zoomed by 194.70 points to 5,378.70 at 10.30 am from previous close of 5,184.00.
Investors were seen covering short positions ahead of the expiry of October contract of derivatives on Thursday.
At 11.12 hrs IST, the Sensex is up 594.06 points or 3.37% at 18208.05, and the Nifty up 203.10 points or 3.92% at 5387.10. About 2210 shares have advanced, 774 shares declined, and 69 shares are unchanged.
Market breadth was was positive with over 985 stocks on the advancing side and only 70 stocks on the downside. Rupee was quoting at 39.69 against a US dollar. Volume has been extremely impressive on account of broad base participation by the investors.
Top gainers on the Sensex are Bharti Airtel at Rs 987.20 up 6.42%, Reliance Energy at Rs 1,454.80 up 6.19% and BHEL at Rs 2,168.80 up 5.44%.
Top gainers on the Nifty are Reliance Energy at Rs 1,455 up 6.40%, Bharti Airtel at Rs 986.85 up 6.08% and Unitech at Rs 324.30 up 6.05%.
Top losers on the Nifty are HDFC at Rs 2,540 down 0.74%, BPCL at Rs 339.80 down 0.6% and Hero Honda at Rs 754 down 0.48%.
BSE IT index was up 76.25 at 4695.42, BSE Healthcare index was up 77.63 at 3807.62, BSE FMCG index was up 55.79 at 2100.82 and Bankex was up 292.45 at 9321.54.
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