Sensex rises for fifth day to two-week high

Bank stocks led the rally on domestic bourses for the fifth consecutive session. The BSE Sensex jumped 293.44 points or 2.84 per cent. Bank stocks surged on hopes interest rate cuts would help credit flow more freely. But IT stocks tumbled on worries outsourcing business will be affected if Barack Obama wins the US presidential election.

The BSE 30-share Sensex rose 293.44 points or 2.84 per cent to 10,631.12. After an early slide, a sharp recovery was witnessed in afternoon trade following a solid surge in Japanese shares and on a rate cut by Australia8217;s central bank. The S038;P CNX Nifty was up 98.25 points or 3.23 per cent to 3,142.10. The market has staged a solid rebound after a recent steep fall. From a low of 8,509.56 on October 27, 2008, the Sensex has risen 2,122 points or 24.93 per cent in five trading sessions

Nikkei average climbed 6.27 per cent to its highest close in two weeks on Tuesday as exporters gained on reports electronics maker Panasonic was planning to take over Sanyo Electric. But other Asian markets were mixed. Indices in South Korea, China, and Taiwan were down by 0.05 per cent to 0.76 per cent. But Hong Kong and Singapore were up by between 0.24 per cent to 2.15 per cent.