MUMBAI: Stocks opened higher on Monday helped by strong gains in Asian markets. Realty stocks fronted the rally, followed by banking and metal
counters.
National Stock Exchange’s benchmark Nifty tumbled 56.9 points or 1.95% to 2978.25. Bombay Stock Exchange’s 30-share Sensex climbed 178.13 points or 1.84% points to 9,868.20 from Friday’s close.
US stocks rose on Friday on hopes that a lifeline for struggling US automakers could still materialize, while investors bet the large stockpiles in cash at technology companies will help them weather the economic downturn.
The Dow Jones Industrial Average rose 64.59 points, or 0.75%, to end at 8,629.68. The Standard & Poor's 500 Index added 6.14 points, or 0.70%, to 879.73 and the
Nasdaq Composite Index jumped 32.84 points, or 2.18%, to 1,540.72.
Asian stocks also rallied following Wall Street cues on speculation US automakers will be rescued by the Bush administration, preventing bankruptcies that threatened to deepen the global recession. The Nikkei surged 3.5%, Topix gained 3.91%, Hang Seng climbed 2.56% and Straits rose 1.99%.
