Sensex registered its biggest intra-day absolute gains on the back of strong global cues and huge gains in index heavyweights Reliance Industries and ICICI Bank. Banking, oil & gas, IT and metal stocks were star performers. Essar Oil surged. Fertiliser stocks were in demand. Market breadth was strong.

The market spurted today as worries about the US credit crisis eased after several top US executives reassured investors that the US banking system could withstand shocks from credit-related losses. Asian markets, which opened before Indian market, surged. European markets, which opened after Indian markets, were trading firm.

Reports that a number of prominent overseas investors are applying for FII registration with the market regulator Securities & Exchange Board of India (Sebi), also boosted the sentiment.

The 30-share BSE Sensex provisionally ended up 917.66 points or 4.82% to 19,953.14. At days high of 19,987.71, Sensex gained 952.23 points, its biggest ever single day rise.

The broader CNX S&P; Nifty gained 243.35 points or 4.27% to 5938.75.

The market breadth was strong. On BSE, 2019 stocks advanced, while 748 stocks declined and 67 stocks remained unchanged. All the 30 Sensex stocks were in green.

BSE clocked a turnover of Rs 8796 crore, compared to Tuesday (13 November 2007)'s Rs 7,964.71 crore.

The BSE Mid-Cap index was up 2.09% to 8,283.65 and the BSE Small-Cap index was up 2.46% to 10,042.00.

Index heavyweight Reliance Industries (RIL) soared 7.02% to Rs 2885 and ICICI Bank spurted 10.53% to Rs 1300.

HDFC Bank surged 10.55% to Rs 1747, Hindalco Industries moved up 7.37% to Rs 218.35, Wipro spurted 7.12% to Rs 472.45, Housing Development Finance Corporation (HDFC) moved up 5.98% to Rs 2742.15.

Essar Oil surged 58% to Rs 139.90 on huge volumes of 1.88 crore shares on BSE. The company and RIL have reportedly increased petrol and diesel prices by Rs 4.50 to Rs 5 per litre. As the international crude oil prices are hovering around the $100 a barrel mark, oil companies in the country are finding it difficult to maintain the profitability. The private sector fuel retailers will lose market share to the government-owned companies as PSUs sell at a lesser price.

Fertiliser stocks soared on reports that the government will issue bonds worth Rs 7500 crore to fertiliser firms by end-November 2007 to compensate them for selling the commodity at discounted prices. Rashtriya Chemicals and Fertilisers soared 20% to Rs 72.10, Fertilisers and Chemicals Travancore spurted 10% to Rs 35.85, National Fertilizers soared 10% to Rs 76.10 and Mangalore Chemicals & Fertilisers jumped 8.59% to Rs 41.10.

The BSE Bankex soared 7.20% to 11,296.73, the BSE Oil & Gas soared 6.95% to 12,202.34, the BSE Metal index moved up 4.20% to 17,763.48 and the BSE IT index rose 4.33% to 4,273.04.

In Europe, UKs FTSE 100 moved up 1.18% to 6,437.30, Frances CAC 40 rose 1.24% to 5,607.72 and Germanys DAX rose 0.85% to 7,843.33.

Asian markets surged today, 14 November 2007, boosted by a strong rebound on Wall Street yesterday, 13 November 2007. Hong Kong's Hang Seng (up 4.90% at 29,166.01), Japan's Nikkei (up 2.47% at 15,499.56), Taiwan Weighted (up 2.47% at 8,942.93), Straits Times (up 1.82% at 3,538.73) and South Korea's Seoul Composite (up 2.05% at 1,972.58) edged higher.

US markets rallied yesterday, 13 November 2007, after reassuring news from Goldman Sachs Group Inc. and Wal-Mart Stores Inc. calmed some of the market's worst fears about the credit crisis and the economy. The Dow Jones industrial average surged 319.54 points, or 2.46%, to 13,307.09. The S&P; 500 index jumped 41.86 points, or 2.91%, to 1,481.04, and the Nasdaq Composite index gained 89.52 points, or 3.46%, to 2,673.65.

On 13 November 2007, the market ended its six-day losing streak to post gains on value buying. The 30-share BSE Sensex surged 298.21 points or 1.59% to 19,035.48. The broader S&P; CNX Nifty gained 78.30 points or 1.39% to 5695.40, on that day. Reports that the Left front may allow the government to negotiate safeguards for a civilian nuclear agreement with the US, aided the surge.

As per provisional data, FIIs sold shares worth a net Rs 332.84 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 264.15 crore on Tuesday, 13 November 2007.

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