Mumbai: The stock markets discounted the Government decision to hike petrol and diesel prices as the Bombay Stock Exchange sensitive index spurted by 53.78 points at 4858.63 in initial trading on funds buying today (Jun 16, 2004).

The sensex commenced on a promising note at 4837.36 points, revealing a rise of 22.51 points over yesterday's (Jun 15, 2004) close as foreign funds and investors continued to pick select shares.