Commodity Online
MUMBAI: Markets witnessed a buying spree during the post noon trading session on the Bombay Stock exchange as the benchmark index surged to the six-month high levels following positive domestic cues.

BSE sensex was trading at 11,230 up by over 250 poinhts or 2.4% from its Monday’s close, while Nifty too gained by over 2% at 3451 points.

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The lead was taken by the Auto and metal stocks, which recorded heavy buying following the expectations of a further easing of the monetary policy by the Reserve Bank of India (RBI). The markets had tumbled in the opening trade on weak cues from global markets and dismal guidance by IT giant, Infosys Technologies for the year ahead. Expectations of a further easing of the monetary policy by the RBI triggered a rebound on the bourses.

BSE auto index surged by close to 4% at 3520, with Tata Motors Ltd rising over 12% to Rs.284 during the afternoon trading hours on the BSE. Mahindra & Mahindra Ltd surged over 6.5% to Rs. 480.

Metals index too supported the rising markets with leading mining stocks gaining heavily during the afternoon trading session. BSE metals index surged by close to 4% at 7452 points. Leading mining including NMDC and GMDC recorded heavy gains. NMDC Ltd was trading at Rs.234.50 up by over 17%, while GMDC surged by over 13% to Rs.61.45 during the afternoon trading session on the BSE. Gujarat NRE coke Ltd too witnessed a heavy surge to Rs.28.21 with a rise of 5%.

The market sentiment was found to be getting firm as foreign funds went on buying heavily after outflows in the first two months of calendar year 2009. As per the provisional data released by the stock exchanges, foreign fund bought shares worth a net Rs.580.49 crore on Monday, 13 April 2009, the last trading session. The total FII investments recorded at Rs.1678.10 crore till 9th April 2009.

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