Markers surge, Sensex up 615 points
The 30-share BSE barometer surged by 614.61 points at 13,964.26 with heavyweight stocks, particularly realty and power scrips, attracting brisk buying.business Updated: Jul 09, 2008 18:04 IST
Markets on Wednesday shrugged off concerns lurking in the background for sometime now with the benchmark Sensex notching up a healthy over 610 points on expectations that economic reforms would now be vigorously pursued by the government after Left's withdrawal of support.
The 30-share BSE barometer surged by 614.61 points at 13,964.26 with heavyweight stocks, particularly realty and power scrips, attracting brisk buying.
As buying trend picked up momentum, the bellwether index almost touched the crucial 14k level at 13,998.48 points. It also witnessed day's low of 13,581.41 points.
The 50-stock National Stock Exchange index Nifty also gained 168.55 points at 4,157.10, after touching the day's high of 4,169.40 and a low of 3,990.90 points.
Marketmen said investor sentiment was boosted by the latest political developments in New Delhi as many believe that Left's pulling out of UPA would give the government a free hand in pursing economic reforms.
Besides, a firming global bourses and declining crude oil prices further boosted the uptrend.
While the realty index rose the most by at 6.06 per cent, power rose 5.39 per cent, followed by bankex 4.87 per cent, consumer goods 4.70 per cent and FMCG 4.61 per cent.
Capital goods sector led by Larsen and Toubro, attracted heavy buying after U S's Standard and Poor's 500 Index posted its largest gain in a month after Federal Reserve said the central bank may extend its emergency- loan program for investment banks into next year.