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Sensex up 333 pts in late morning trade on Fed stimulus hopes


The S&P Bombay Stock Exchange (BSE) benchmark Sensex on Thursday bounced back by 333 points in late morning trade on fresh buying as Asian stocks jumped after US Federal Reserve Chairman Ben S Bernanke said the world's biggest economy will continue to need stimulus.

Bernanke' comments helped ease concerns about global liquidity.

The Fed's bond-buying programme, which has flooded global markets with liquidity, has helped support an array of assets, including equities in recent years.

Shares of metal, banking, capital goods, realty, PSU, power and refinery firmed up sharply on fresh demand. L&T was trading at Rs 978 as the stock turned ex-bonus on Thursday for 1:2 bonus issue.

The benchmark BSE-30 share index, Sensex, opened higher at 19,468.46 points and advanced further to 19,664.62 before quoting 19,626.86 at 1030 hours.

It showed a sharp gain of 332.74 points or 1.72 per cent from its last close.

The National Stock Exchange (NSE) 50-share barometer Nifty also rose by 102.25 points, or 1.76 per cent, to 5,918.95 at 1030 hours.

Major gainers were - Hindalco Ind (3.52 per cent), Coal India (3.34 per cent), Larsen (2.99 per cent), HDFC bank (2.92 per cent), Sterlite Ind (2.81 per cent) and ICICI Bank (2.43 per cent). Asian stocks rose in early trade.

Key benchmark indices in China, Hong Kong, Indonesia, Singapore, South Korea and Taiwan rose by 1.52 to 2.48 per cent while Japan's Nikkei Average fell 0.15 per cent.