Friday, June 9 2006 12:55 Hrs (IST) - World Time -

Mumbai: A short-covering driven stock markets further fueled as bank shares recovered on concerns of hike in interest rates by majors and benchmark Sensex surged by483 points at noon on the Bombay Stock Exchange today (June 9, 2006).

The Sensex gained 483.48 points at 9,779.29 at noon after most of the index-related banking stocks recovered from early weakness and supported the up trend. Similarly, the National Stock Exchange index nifty spurted by 126.60 points at 2,850.95.

The reversal in the market trend, which had lost over 1,150 points in last four days, revealed a firm tone as Sensex shot up back to 9,700 points level mostly on market players forced to cover their pending positions.

Trading sentiment further improved after leading banks like ICICI Bank hiked their interest rates.