Sensex races past 12,000 level

In what was the biggest gain in a single day since October 31, 2008, a key index of the Indian equities markets soared more than 700 points, raising hopes that the rally that has kept the bourses in green for eight-nine weeks can be sustained. The Sensex, which opened at 11,635.24 points, rose 731.5 points or 6.41 per cent from its previous close to end trade at 12,134.75 points. The Sensex touched an intra-day high of 12,161.9 points and a low of 11,635.24 points. Similarly, the Nifty gained 4.96 per cent to close at 3,646.35 points. Broader market indices also gained, with the BSE midcap index moving up 3.91 per cent, while the BSE smallcap index was up 3.57 per cent. All the 13 sectoral indices on the BSE were in the positive terrain, with the indices for metal, IT and banking stocks gaining the most. There were no losers on the 30-scrip Sensex. In Asian markets, while a key Japanese index – the Nikkei of the Tokyo Stock Exchange – closed on Monday with modest gains of 149.11 points to close at 8,977.37 points, the Hang Seng, a key index of the Hong Kong Stock Exchange, ended trade high up in the green at 16,381.05 points, 860.06 points or 5.54 per cent above its previous close. European markets were trading mixed with the FTSE in Britain trading marginally lower, 0.45 points down at 4,243.22 points, and its French peer CAC 40 ruling 33.33 points up at 3,196.13 points.Data with Securities and Exchange Board of India (SEBI), showed that foreign funds were net buyers on Monday, lapping up scrips worth about $68.3 million.