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Sensex zooms by 817 points
Reliance Power posts a 5.3 per cent surge

Mumbai, February 14
The markets staged an impressive pull-back rally today, shrugging off fears whatsoever, with the benchmark Sensex shooting up by more than 817 points on strong clues from global markets as fears of a recession in US has started withering.

Marketmen said investors' confidence was so high that even the Centre's decision to effect a hike in fuel prices failed to dampen the trading sentiments.

The 30-share BSE barometer gained 817.49 points, or 4.82 per cent, to settle the day at 17,766.63 over its previous close of 16,949.14.

Market players said signs of the Foreign Institutional Investors (FIIs) returning ahead of the Union Budget, which is to be presented February 29, also boosted the trading sentiments.

As many as 29 of the 30 Sensex shares registered impressive gains. Only Infosys ended in the red.

Refinery stocks, riding on the decision to increase prices of petrol and diesel, surged as the rise in retail rates is expected to impact the bottom lines of public sector oil marketing companies.

It is for the second day in row that the markets are surging on global cues. While a surprise rise in January US retail sales boosted investors' confidence today, Warren Buffett's offer to reinsure US Municipal bond risk had enlivened the markets yesterday.

Reflecting a sharp rally on Wall Street on Wednesday, Asian indices ended positive in the range of about 1.4-4.3 per cent. European markets, too, were firm during early trade.

The National Stock Exchange's S&P CNX Nifty also soared by 272.55 points, or 5.53 per cent, to close at 5,202.00 from last its close of 4,929.45.

Analysts said the Nifty now has closed well above the 200-day moving average paving the way for a bull run. The upper target is placed at 17,965 for the Sensex and 5,260 for the Nifty.

The market breadth was highly positive as the small-cap and the mid-cap shares witnessed brisk activity.

Snapping its three-day losing streak, Reliance Power, the Anil Ambani group's latest entry to bourses, posted a 5.3 per cent surge, and even outperformed the market benchmark Sensex. PTI

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