Continuing their rising streak for the second day, stock markets in India jumped to new highs on the back of huge buying interest shown by foreign institutional investors.
At the Bombay Stock Exchange, Sensex jumped up by as much as 339 points to 15,466.8 points after almost rising to a one-year high of 15,580.81 in late afternoon trade.
On the National Stock Exchange, Nifty touched the one-year high figure of 4,655.25 points, up by 104.30 points, or 2.29 per cent.
Profit-booking restricted the gains on Sensex, but the index still managed to gain by as much as 2.25 per cent for the day.
While positive global cues added to the euphoria, what has driven the markets up since yesterday was Prime Minister Manmohan Singh saying he still thought that the Indian economy will grow within the 8-9 per cent range.
Today, to the feelgood factor was added Finance Minister Pranab Mukherjee’s entreaty to public sector banks to lower lending rates to encourage people and businesses to borrow at cheaper rates to encourage demand as well as allow corporates to expand.
Among the laggards in the day’s bull rush were realty stocks.
The stock that rose the most was Tata Power, by as much as 6.43 per cent and Reliance Infra gained 5.99 per cent