M A I N   N E W S

Sensex leaps
Tribune News Service

Mumbai, October 13
The Sensex today surged 781 points to close at 11,309 levels on the back of renewed buying following a respite in the bad news from around the world and short-covering by traders. The Indian markets were also relieved by finance minister P Chidambaram's assurance about infusing liquidity in the banking system.

In the broader markets, the Nifty also surged by 210.75 points and closed at 3,490, up 6.4 per cent. Among the Sensex stocks, RCom gained almost 20 per cent while Reliance Infra, ICICI Bank and Sterlite Industries closed in the green. Stock markets around the world staged a relief rally after central banks in five countries announced measures to increase funding to banks.

Among the sectoral indices, the BSE banking index was the biggest gainer after having been hammered for the past several sessions. The index was up 12.9 per cent to close at 6,008 points. Axis Bank and ICICI Bank were the biggest gainers in the pack, closing more than 16 per cent each. The other big gainer today was the capital goods index, which closed 10.7 per cent higher at 8,840 levels. Suzlon Energy, L&T and Crompton Greaves closed in the green.

PTI adds: Marketmen credited the rise in shares also to concerted efforts by the market regulators and the governments worldwide to address the global liquidity crunch. They said domestic institutional investors indulged in hectic buying, pushing the Sensex up.

Pak on the edge too

Islamabad: Already nearly broke when the global financial crisis took hold, Pakistan now faces further woes that could take the nation's security situation closer to the edge. The country, a frontline ally in the US-led campaign against Al-Qaeda and Taliban militants, has been forced to seek USD 10 billion from western backers to stave of the threat of going bankrupt as early as February 2009. — PTI