Markets surge as Dow crosses 13000 points

Commentary

oi-Sunil

By Sunil Fernandes

Published: Wednesday, February 29, 2012, 9:35 [IST]

Markets surged in trading on Wednesday on positive global cues and strong overnight closing in the US, where the Dow Jones Industrial Average crossed the 13,000 mark. The BSE Sensex was trading at 17940.19 points, up 209.07 points from its previous close. Stocks on the NSE also gained ground with the Nifty trading at 5441.60 points, up 66.10 points at 9.20 am.

Markets were buoyed after the Dow Jones crossed the 13,000 mark. Markets in Asia including Nikkei and Hang Sang were all up.

ONGC surged after reports that the government had set a floor price of Rs 290 per share for its auction sale. The government plans to raise more than Rs 12,000 crore through the issue.

Marketmen are now awaiting the GDP data for the third quarter which is due later today. Indications are that the figure would be the lowest quarterly GDP data reported in the last two years.

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