Sensex surges by 211 pts in early trade

STAFF WRITER 9:14 HRS IST

Mumbai, Oct 11 (PTI) The Bombay Stock Exchange benchmark Sensex surged by 211 points in early trade today on fresh buying by funds amid firm global cues.

The 30-share index rose by 211.01 points to 20,461.27 points in the first five minutes of trading.

Similarly, the broad-based National Stock Exchange index Nifty rose by 84.30 points to 6,187.75 points.

Marketmen said fresh buying by foreign funds and firming trend in the Asian region mainly influenced the trading sentiment.

The Hong Kong index rose by 1.1 per cent in the morning trade.

India's wealth to double in 5 years

NEW DELHI: India's robust economic growth is likely to drive the country's fortune to a $6.4 trillion in the next five years, reflecting a nearly two-fold jump from the country's current wealth, says a report. According to the Credit Suisse Global Wealth Report published for the first time, the total wealth of India has trebled in a decade to $3.5 trillion. By 2015, the country's wealth could nearly double to $6.4 trillion.

Besides, the global wealth, which stood at $195 trillion will rise by an 61% to $315 trillion by 2015, primarily driven by the robust economic expansion in the emerging markets. Interestingly , Asia Pacific boasts of more billionaires than Europe . There are over 1,000 billionaires globally, of which 500 are in North America, followed by 245 in Asia Pacific and 230 in Europe.

Besides, the report said that there were 24 million HNIs, whose average wealth per adult stood in the range of $1- $50 million. China has over 800,000 HNIs, India has around 170,000 while rest of the Asia Pacific as over four million HNIs. Meanwhile, in terms of the countries generating maximum wealth, the US has emerged as the topper with the total of $54.6 trillion of household wealth.

China to be 2nd wealthiest

HONGKONG: China is expected to overtake Japan as the second wealthiest country in the world by 2015 on the back of rapid economic growth and strong domestic consumption, a report said on Friday. In its inaugural Global Wealth Report, Credit Suisse Research Institute predicts total wealth in China will more than double in five years, jumping 111% to $35 trillion

TOI

Sensex at 33-mth high on buying by funds Read more: Sensex at 33-mth high on buying by funds

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Monday rose by 31 points to close at a 33-month high on sustained buying by funds and retail investors.

The 30-share index closed 30.69 points higher at 20,475.73 points, matching the level seen in January 2008. The barometer had touched an intra-day high of 20,706.74 points but profit selling in last 30-minute pared some of the gains.

The broad-based National Stock Exchange index Nifty crossed the 6,200 level for the first time in 33 months before ending 16.05 points higher at 6,159.45 points.

A lower opening in the European markets this afternoon triggered profit selling and reduced the gains, brokers said.

ICICI Bank, the country's largest private lender, rose by 2 per cent to Rs 1,157.75.

Market also got a boost from Reliance Industries, the heaviest in the Sensex, which rose by over 1 per cent, or Rs 18.60, to Rs 1,017.90.

Tata Motors, the country's biggest truck maker and owner of Jaguar Land Rover, advanced by 1.85 per cent, or Rs 16.50, to Rs 1,139.60, its highest level so far after pledging to cut debt.

The healthcare sector index gained the most by rising 1.69 per cent to 6,210.92 followed by consumer durable sector index by 1.47 per cent to 6,529.42. Banking index also rose by 0.79 per cent to 14,365.29. The auto sector index rose by 0.63 per cent to 9,818.75.

In 30-BSE index components, 14 stocks gained while other 16 led by software exporters ended in the negative zone.

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Ayodhya:Fresh moves for out of court settlement

Ayodhya, Oct 3 (PTI) Fresh moves appear to be afoot to resolve the Ayodhya dispute out of court, three days after the Allahabad High Court verdict in the case.

Mohammad Hashim Ansari, one of the main litigants in the title suits, today met Mahant Gyan Das of Hanumanghari who is also President of Akhil Bhartiya Akhara Parishad to explore the possibility of an amicable solution.

Though Mahant Gyan Das refused to divulge details, 90-year-old Ansari said: "I have initiated the move after being asked by the Sunni Central Wakf Board."

During an hour-long closed door meeting between Gyan Das and Ansari at Hanumanghari, famous Lord Hanuman temple near the makeshift temple on the disputed site, discussions revolved around ways to chalk out an agreement on the 60-year-old temple-mosque dispute.