UPDATE AT 11AM ON OCTOBER 7
The market regulator Securities & Exchange Board of India
(Sebi)'sdecision to lift restriction on issue of participatory notes
andthe Reserve Bank of India's surprise steep 50 basis cut in the
cashreserve ration triggered a rebound on the bourses after steep
losses of the past two trading sessions. The Sensex was up 351.70
points. Both the Sebi and RBI announcements were made after trading
hours on Monday, 6 October 2008. A recovery in Asian stocks following
a larger than expected 100basis points cut in interest rate by
Australia's central banktoday, 7 October 2008, and higher US futures
contributed to earlysurge on the domestic bourses. Rate sensitive
banking and realtystocks rose. Reliance Industries recovered from
52-week low. US futures were up. Nasdaq was up by 20 points and
Dow Jonesfutures were up 121 points. At 10:21 IST, the BSE 30-share
Sensex was up 351.70 points or 2.96%to 12,151.60. The index rose
253.92 points at the day's low of12,055.62, hit in early trade,. The
Sensex surged 379.73 points atday's high of 12,181.43, in early trade.
The S&P CNX Nifty was up 117.35 points or 3.26% to 3,719.70. The
BSE Mid-Cap index was up 1.63% at 4,415.10 and the BSESmall-Cap
index was up 1.29% at 5,152.80.