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Markets zoom. Nifty nears 5550.

The markets have rose more than 2% in early trade on Friday as the government hiked diesel price yesterday. The American Federal Reserve has also announced an aggressive move to stimulate the economy. The Dow and the S&P 500 both closed at their highest levels since December 2007, while the Nasdaq ended at the highest since November 2000.

Following the cues from global space, the Sensex shot up 330.56 points to 18,351.72 and the Nifty spiked 101 points to 5,536.40. The CNX Midcap Index jumped 93 points to 7,363.

Buying is visible across the board all the Sensex stocks have opened higher. Hindalco is the top gainer from this space. The stock has advanced 5% to open at Rs 115. Gail India, Tata Steel, ICICI Bank, Jindal Steel, SBI, Tata Power, Tata Motors, Sterlite Industries, Larsen & Toubro and Infosys have also opened higher by 2-5% each.

Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) have rallied up to 6% after the recent hike in the prices of Diesel.

See also : Diesel price goes up by Rs.5 per litre. Only 6 LPG cylinders subsidized per family for a year.



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