Indian markets surge as ECB provides momentum

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Indian markets surge as ECB provides momentum
The European Central Bank's (ECB) decision on a new bond-buying programme on Thursday to lower struggling eurozone countries' borrowing costs, fired markets across the globe with the US indices closing at multi-year highs.

Indian markets opened the day higher with the Sensex opening higher by 265 points, while the Nifty gained 84 points at 5322 points.

High beta stocks, including those in metal led the rally. The gainers amongst the metal stocks included Tata Steel which was up 3.63%, Jindal Steel up 1%, Sterlite Industries up 1.88% and Hindalco up 2.70%.

Banking stocks too were in the limelight with ICICI Bank gaining 2.80%, Axis Bank gaining 2% and State Bank of India up 1.86%.

Shares of Videocon Industries was marginally up after the company announced its intention to bid for Deccan Chargers.

There were no losers amongst the Nifty stocks in trade.

Globally, all of the markets were trading higher, following a decision by the ECB on a bond buying programme for troubled countries in the eurozone region. This saw markets across Europe and the US rallying in trade on Thursday.

Asian markets were trading higher today with the Chinese Shanghai Composite up more than 4%, Hong Kong's Hang Sang up 2.39 and the Japanese Nikkei up more than 2%.

Read more about: sensex, nifty
Story first published: Friday, September 7, 2012, 9:29 [IST]
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