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This story is from October 28, 2011
Sensex cheers Euro bailout plan, surges 456 points
The BSE Sensex was up 456 points in the early trade - after opening stronger by over 600 points - on buying in metal, auto, banking, realty and capital goods stock.
This rally is post the European Union members agreed in its Summit to raise the eurozone bailout fund to about Euro 1 trillion and are also going to recapitalize banks.
EU struck a deal with private lenders to accept a 50% on their Greek bonds.
Societe Generale said the the long-term verdict on the deal would come from the bond markets, rather than the currencies space. "It is premature to talk about containing the crisis when Italian 10-year yields were still dangerously close to the 6% mark and the positive initial reaction in currencies is probably the result of very low expectations," he added.
The 30-share BSE Sensex shot up 545 points to 17,833.82 and the 50-share NSE Nifty rose 164 points to 5,365.25.
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