Sensex up 300 pts; MCX shoots 35% in pre-opening session

The BSE Sensex started off trade with 250 points gap up on Friday following strong global cues. Even the NSE Nifty touched 5300 level on hopes that Greek debt deal will get passed soon.

MCX was at Rs 1,395 (near to expected price), up 35% over issue price of Rs 1032 in pre-opening session. Normal trading session of the world's fifth largest commodity exchange will start only after 10 am. Shares of Financial Technologies, a promoter of MCX, rose 1.6% to Rs 875.

The BSE benchmark gained 303 points or 1.77% at 17,448.75 and the NSE benchmark jumped 94 points or 1.8% to 5,314.35.

Asian markets extended gains today on hopes that Greek debt swap deal will get approved soon. Overwhelming participation from private bondholders indicates that support is still flowing in. Greek officials indicate over 95% participation. Yesterday, even US markets rallied 0.5-1%.

Back home, Tata Steel, SAIL, IDFC, ICICI Bank, Axis Bank, Reliance Industries, L&T, Bharti Airtel, BHEL, TCS and Wipro gained 1.5-3.5%.

The NSE Bank NIfty surged 244 points in early trade.

Reliance Communications gained 2% as about 2 crore shares changed hands on BSE in a block deal.

However, BPCL and HPCL lost 0.7% as these companies are waiting for oil price hike.

About five shares advanced for every share falling on the National Stock Exchange. The CNX Midcap moved up 118 points to 7,589.

In the second line shares, MTNL gained 4% as Business Standard reports that LIC wants to exit MTNL via private placement.

Mahindra Satyam rose 3.5% after the company acquired vCustomes