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Business News Sourced Wired

Sensex opens on 240-point high

Mumbai, Sept 17 (ANI): The Sensex at the Bombay Stock Exchange (BSE) opened at 18,651.97 points on Monday morning, a 240-point jump in early trade.

The 30-share index touched a high of 18,715.03, while Nifty traded at 5,636.05, up 58.40 points or 1.05 per cent.

Investors will now await a decision on interest rates by the Reserve Bank of India at its policy meet today.

This is the second straight day of gap up opening for Indian markets that witnessed their biggest one-day gain of 2012 last week.

On Friday, the government announced the opening up the retail and airlines sectors to foreign investment, and possible disinvestment stake sales in four state companies to jump start flagging growth.

The government’s announcement led to a sharp jump in airline stocks, with Kingfisher Airlines rising 20 per cent at Rs. 12.97, while SpiceJet soared to 18 per cent.

Retail stocks also saw strong buying. Pantaloon Retail surged over 20 per cent.

The reform measures came on the back of hike in subsidised diesel prices on Thursday, which would ease concerns over rising subsidy bill. The measure was aimed to rein fiscal deficit and avoid a credit rating downgrade to junk. (ANI)