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Bombay stock index soars

BOMBAY: The 30-share index of the Bombay Stock Exchange soared 91.82 points, or 2.46 percent, to 3,820.58 on Wednesday afternoon boosted by strong foreign institutional demand, brokers said.

"The market is blowing up," said a dealer with a local brokerage firm. "I have big buy orders but there aren't any sellers."

He said the rising market pushed sellers to the sidelines and caused a shortage of shares which added thrust to the upsurge.

Steel stock TISCO jumped 16.0 rupees, or 6.82 percent, to 250.50 with more than 3.0 million shares, dealers said.

SBI spurted 12.75 rupees, or 4.17 percent, to 318.50 with 3.3 million shares traded.

In latest deals, the BSE index was 109.07 points, or 2.93 percent, up at 3,837.83.-Reuter