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Market Update : 
Sensex Surges 6%
Author: 123jump.com Staff
123jump.com
Last Update: 4:26 PM EDT March 25 2008

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Stock in Mumbai trading surged after a rally in Asia stocks lifted market averages across the region. Hong Kong and India led the region with a sharp rebound of more than 6%. Realty, banks and technology stocks led the gainers in Mumbai trading. Sensex gained 6.1% or 928.09. At close, the BSE 30 share closed at 16,217.49. Nifty gained 5.1% or 267.65 to close at 4,877.50 levels.

 
Larsen & Toubro rose 3.9% to 3,053 rupees and Jaiprakash Associates rose 16.4% at 233.10 rupees. DLF surged 13.5% at 678.65 rupees and Housing Development Finance Corporation rose 8.6% at 2,589.75 rupees.

State Bank of India rose 5.8% to 1,740.20 rupees.

ICICI Bank soared 9.4% to 879.95 rupees on news reports that the bank has entered into a 1,150 crore rupees stock plus debt deal with Jaypee Infratech, a unit of Jaiprakash Associates.

According to news reports, the bank has decided to invest 1% stake in Jaypee Infratech for 250 crore rupees.

TCS gained 6.4% to 875.95 rupees, Satyam Computer surged 5.1% to 411.05 rupees and Infosys Technologies rose 9.6% at 1,492.55 rupees

Reliance Update

Reliance Industries rose 5.2% to 2314.40 rupees on news reports that the firm is evaluating a plan to set up its third refinery at Jamnagar in an ambitious project to reach a total of annual capacity of 100 million metric ton.

Reliance Energy was up 13% at 1,300.15 rupees.
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