Sensex rallies 1k pts to regain 50k on EU markets

MUMBAI: The sensex surged 1,030 points to close above the 50k mark again in Wednesday’s extended session after European markets showed some strength in early trades. In the process, the sensex has almost recovered Monday’s 1,145-point fall and closed the day’s session at 50,782.
Wednesday’s four-digit rise in the sensex came despite strong selling by foreign funds, if one takes out the inter se transfer in Bosch worth nearly Rs 29,500 crore. According to market players, the rally came after the NSE reopened during the extended session following a day-long tech glitch that brought trading to a halt and speculators rushed to cover their short positions.
These positions were taken earlier in the session as most Asian markets were showing a weak trend with the Hang Seng in Hong Kong down over 3% due to a hike in tax on stock trading. However, since speculators could not square off their positions during the glitch on the NSE, they rushed in during the one and half hours of extended trading session.

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