Markets soars in broad-based rally

Strong global cues set up a solid platform for Indian market to surge today. The rally in global markets was triggered by an unexpected rise in US retail sales in January 2008 that helped ease recession worries in the world's largest economy.

Sensex was up 817.49 points or 4.82% at 17766.63, and the Nifty up 272.55 points or 5.53% at 5202.00.

Bharat Heavy Electricals surged 12.68% to Rs 2233 after it won a Rs 200-crore contract for supplying oil field equipment to Oil & Natural Gas Corporation.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 5.27% at Rs 2512.70.

India’s largest private sector bank by assets ICICI Bank rose 5.92% to Rs 1164.35.

Among the other Sensex gainers, Reliance Energy soared 10.20% to Rs 1717, Hindalco Industries spurted 9.10% to Rs 163.60, Reliance Communication flared up 9.67% to Rs 612, ONGC climbed 9.05% to Rs 1029.80 and Larsen & Toubro moved up 7.43% to Rs 3520.

Anil Dhirubhai Ambani Group firm Reliance Power rose 5.4% to Rs 370.20 on volume of 78.80 lakh shares on BSE. On Monday, 11 February 2008, the stock had debuted at Rs 547.80, a premium of Rs 21.73% over the IPO price of Rs 450.

Essar Oil (up 15.40% to Rs 212.50), Reliance Petroleum (up 14.08% to Rs 165.15), Steel Authority of India (up 7.07% to Rs 212.75), Centurion Bank of Punjab (up 2.49% to Rs 49.40), advanced on reports of their inclusion in a number of Morgan Stanley Capital International (MSCI) indices. Their proposed inclusion in the MSCI gauges may increase demand for the stocks by fund managers whose funds track the indexes.