Sensex soars by 492 points

MUMBAI: The markets sustained their surge for the second day in succession as the bellwether Sensex soared by 492 points on Wednesday on the back of Sunday's multi-crore stimulus package improving investor sentiment.
    
The sentiment was also bolstered by strong hopes about more bailout packages by the governments worldwide to salvage economies from a deeper and longer crisis.
    
The Bombay Stock Exchange 30-share index finished the day at 9,654.90, netting a rise of 492.28 points or 5.37 per cent over its previous close.
    
The broader 50-share Nifty of the National Stock Exchange also jumped by 144.25 points or 5.18 per cent to close at 2,928.25 from its last close.
    
Discounting the impact of the overnight fall in US stocks, Asian indices went up by 2-5.6 per cent while European markets showed a mixed performance in early trade.
    
Brokers said the investors' focus were confined to frontline stocks throughout, and as a result 29 shares in the Sensex pack scored impressive gains.
    
Analysts, however, said the current rally may not sustain for long in the light of uncertain trends in the corporate world with job cuts and a negative outlook about earnings.
    
Realty stocks notched huge gains as the sector is expected to massively benefit from the government's package.
    
The gains in realty stocks could be gauged by the day's biggest rise in the BSE Realty Index, which ended higher by 223.72 points or 12.56 per cent.