MARKET UPDATE AT 1 PM IST
The key benchmark indices remained rangebound at higher
levels inafternoon trade. The BSE Sensex was up 322.15 points
or 3.15%. Themarket had pared gains in early afternoon trade
after a sharpsurge. The central bank's rate cut, higher Asian markets
and shortcovering on the stock market regulator Securities &
Exchange Boardof India (Sebi)'s warning to foreign funds against
overseas lendingand borrowing of Indian securities, boosted the
domestic bourses. IT stocks surged. Rate sensitive banking stocks
rose. Indexheavyweight Reliance Industries came off from day's
high.Jaiprakash Associates spurted more than 12% on good Q2
September2008 results. Stelite Industries, Reliance Communications
rose morethan 7% each. The market breadth was strong. European
markets which opened after Indian market were mixed, Keybenchmark
indices in France and Germany were up by between 0.91% to2.21%.
In UK, the FYSE 100 index was down 0.12%.