Sensex rises 294 points on US cues

Tracking a rally in the US markets, Indian markets opened gap-up but pared its gains in mid-morning trades suffering the onslaught of falling metal prices and escalating oil prices.

The benchmark index, Bombay Stock Exchange's Sensex closed at 15,289.40 points, higher 294.57 points or 1.96 per cent. Broadbased S&P CNX Nifty closed at 4609.85 points, higher 35.9 points or 0.78 per cent.

The Dow Jones Industrial Average jumped 261.66 points, or 2.16 per cent, to 12,361.32. The Standard & Poor's 500 index added 31.09 points, or 2.39 per cent, to 1,329.51, and the Nasdaq Composite index advanced 48.15 points, or 2.18 per cent to 2,258.11.

Key Asian indices, including Nikkei 225 (down 0.02 per cent to 12,480.09), Kospi (up 0.58 per cent to 1655.30) and Straits Times index (up 3.64 per cent to 2927.79) ended relatively flat.

According to data released on March 20, inflation surged to over 11-month high of 5.92 per cent for the week ended March 8 as essential items such as fruits and vegetables and pulses as well as some manufactured items turned expensive.

Small- and mid-cap indices got battered on Monday as non banking financial arms of broking houses sold these stocks to cut their risk. The BSE Small-Cap Index closed at 6950.12 points, down 272.08 points or 3.77 per cent.