India reported unexpected rise in its Gross Domestic Product at 7.9 per cent in the September quarter, helping the stock market to beat the impact of Dubai debt crisis on Monday. The GDP was earlier estimated to grow at 6.3 per cent during the second quarter.

BSE Sensex surged 94.21 points or 1.77 per cent and closed at 16,926.22 after touching an intra-day high of 17,026.91 and intra-day low of 16,655.75. Nifty too surged 90.95 points or 1.84 per cent and closed at 5032.70 following India’s assurance to investors regarding country’s limited exposure to Dubai. Top gainers at BSE include Suzlon Energy, Tata Steel, Hindalco, Bharti Airtel, Ranbaxy Labs, Reliance Communications, Jaiprakash Associates and Tata Motors.

The BSE Midcap Index and Smallcap Index also surged 1.63 per cent and 2.08 per cent in line with strong position of Asian markets. Worldwide markets crashed on Friday following announcement by Dubai World & Nakheel to delay repayments.

Other Asian markets too closed strong with Shanghai and Hang Seng surged 3.2% each while Nikkei rose 2.91 per cent. Kopsi surged 2 per cent while Taiwan Straits Times fell 1.09%.