Sensex up by another 160 points on firm global cues

The BSE benchmark sensex was up by 160 points in early trade today on buying in consumer durables, realty, banking, capital goods and metal stocks on firm global cues, coupled with the resumption of foreign capital inflows.

The BSE benchmark sensex resumed higher at 16,668.15 and shot up further to 16,774.12 before quoting at 16,716.75 at 1015 hours, a net gain of 159.52 points, or 0.96 per cent, from its previous close.

The National Stock Exchange's (NSE) 50-share Nifty Index was also up by 47.05 points, or 0.94 per cent, at 5,026.65 at 1015 hours.

The major gainers in early trade were Bharti Airtel (up 4.05 per cent), Hindalco Industries (2.79 per cent), Sun Pharma (2.49 per cent), Jindal Steel (2.25 per cent), NTPC (2.11 per cent), SBI (1.95 per cent) and Larsen (1.93 per cent).

Meanwhile, Asian stocks extended their recent gains on easing worries over the euro-zone debt crisis, following assurances from French and German leaders over the weekend that they will do everything necessary to support Europe's banks.

Hong Kong stocks led the gains in Asian markets in early trade today as financial shares surged after a state-backed investment fund boosted its holdings in some of China's biggest banks. The key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan rose by between 0.72 per cent and 3.15 per cent.

Foreign institutional investors (FIIs) bought shares worth Rs 211.71 crore yesterday as per provisional figures from the stock exchanges.

Bharti Airtel to sponsor Indian Grand Prix

Telecom giant Bharti Airtel on Thursday announced that it will be the title sponsor for the first Formula One sporting event in India on October 30. It also unveiled the official logo for the Airtel Grand Prix of India.

"Right through its growth path, Airtel has been associated with speed, performance, calculated risks and excitement, the very words that spring to mind when you think of Formula One," said Sanjay Kapoor, the company's chief executive officer - India and South Asia.

He added, "Hence it is only natural that Airtel and Formula One together bring to life the dreams of million of passionate sports enthusiasts in India, giving them the opportunity of a lifetime to watch the very first Airtel Grand Prix of India in person."

The event, which is to be hosted at Buddh International Circuit in Greater Noida, will put India on the prestigious list of countries on the global F1 map.

F1 is a sports phenomenon that initially originated from Europe and went across the globe to become a rage. It today enjoys the cult following of a whopping 500 million plus fans.

The company however did not disclose any financial details of the agreement. "Such events do not come cheap, we see value for investment. A leader like us must take lead for a sponsorship like this," Kapoor said.

The company said it will come up with a host of additional offerings, including F1 exclusive mobile applications, and initiatives for customers in the weeks ahead to promote the event. But it didn't give out the details.

"Lot of new offerings await as we build up momentum to the finals."

Sensex: Gains intact in Mkt.

The BSE benchmark Sensex rallied by 257 points today on fresh buying by operators and investors on news of a second bailout package for Greece and plans to prevent the sovereign debt contagion from spreading to other European countries.

The 30-share Bombay Stock Exchange barometer resumed higher at 18,565.04 and shot up further to 18,689.29 before quoting at 18,693.56 at 1121 hours, showing a net rise of 257 points, or 1.33 per cent, from its last close.

The US markets climbed overnight as signs of progress on the US debt talks and concrete action from Europe on its own debt crisis heartened investors. Among the major indices in the Asian markets, the Shanghai Composite index is up 0.1% at 2,768, the Hang Seng is at 22,356, up 1.7% and the Nikkei is at 10,132, having gained 1.2%.

The NSE's 50-share Nifty index also moved up by 71.25 points, or 1.29 per cent, to 5,612.85 at 1030 hours.

The top gainers on the Sensex - Infosys has rallied nearly 2% to Rs 2,819. Bharti Airtel, Tata Power, Tata Motors and HDFC are also up around up 2% each. on the other hand, DLF is the only loser on Sensex, down 0.6% at Rs 240.

Index heavyweight Reliance Industries (RIL) rose 0.55 per cent to Rs 865.50 ahead of its Q1 results due July 25, 2011.

Asian shares surged in early trade to join a global rally triggered by news of a second bailout for Greece and plans to prevent the sovereign debt contagion from spreading to other European countries. The key benchmark indices in China, Hong Kong, Japan, Indonesia, Singapore, South Korea and Taiwan rose between 0.45 per cent and 1.70 per cent.

The top gainers on the Sensex - Infosys has rallied nearly 2% to Rs 2,819. Bharti Airtel, Tata Power, Tata Motors and HDFC are also up around up 2% each. on the other hand, DLF is the only loser on Sensex, down 0.6% at Rs 240.