India Infoline News Service / Mumbai Oct 13, 2008 10:00
At 10:00 am (IST), Sensex surged 392 points at 10,890 and the NSE Nifty rose 100 points at 3,380.
Indian markets have started off with positive gap tracking a pull back in the Asian markets. All the 30 components of the Sensex are in the green with index heavyweights like Reliance Industries, ICICI Bank, Bharti and L&T among the major gainers.
At 10:00 am (IST), the BSE 30-share Sensex surged 392 points at 10,890 and the NSE Nifty rose 100 points at 3,380.
US stocks ended with only marginal declines on Friday, led by the blue chip Dow Jones Industrial Average, which bounced back from a decline of as much as 697 points. Credit markets remained tight, although short-term lending showed some improvement from recent days. Bond prices fell, raising the corresponding yields. The dollar gained versus the yen and fell against the euro. Oil, gas and gold prices fell.
The Dow lost 128 points, or 1.5%, while the Standard & Poor's 500 index was down 1.2% and the Nasdaq Composite ended 0.3% higher, following a seven session losing streak. For the week, the Dow fell just over 1,874 points, or 18%, its worst weekly decline ever on both a point and percentage basis. Wall Street lost roughly $2.4 trillion in market value during the week, according to losses in the Dow Jones Wilshire 5000, the broadest measure of the market.
Oil prices plunged to a 13-month low Friday on bets that the slowing global economy will drag down oil demand. US light crude oil for November delivery fell $8.89 to settle at $77.70 a barrel on the New York Mercantile Exchange, the second biggest single-day drop ever.
Shares in Europe recorded another massive one-day fall on Friday. The pan-European Dow Jones Stoxx 600 index fell 7.5% to 205.17, which ranks among the worst one-day performances on record for the index.
French CAC-40 slumped 6.8% to 3,207.86, while Germany's DAX 30 plunged 7% to 4,544.31 and the UK's FTSE 100 dropped 8.5% to 3,947.78.
In the emerging markets, the Russian markets remained closed. Elsewhere, the Bovespa in Brazil was down by almost 4% at 35,609 while the IPC index in Mexico dropped nearly 2% to 19,905 and Turkey's ISE National 30 index dived close to 7% to 36,314.
