Sensex, Nifty join global rally on ECB's bond buying plan

SENSEX-NIFTY-ECB-BONDS-ICICI-HDFC-RELIANCE:Sensex, Nifty join global rally on ECB's bond buying plan

 

Reuters Market Eye - The Sensex gained 1.44 percent, while 50-share Nifty rose 1.45 percent in early trade, tracking a rally in global shares after the European Central Bank outlined its bond-buying scheme to help calm the euro zone's debt crisis.

The MSCI-Asia Pacific index excluding Japan rose 1.7 percent after European shares rallied to six-month highs and U.S. stocks closed at multi-year highs on Thursday, cheering the ECB move.

Finance Minister P. Chidambaram approved 11 foreign direct investment proposals worth 20.68 billion Indian rupees, including 8.08-billion-rupee plans of Mauritius-based Cloverdell Investments, on Thursday.

Bank shares were leading the gainers: ICICI bank gained 3.1 percent while HDFC Bank rose 1.1 percent * Infosys up 1.8 percent, was leading the tech rally.