Markets remain bullish, Sensex up 215 points
The benchmark Sensex moved up further by 214.64 points to 13,850.04 on brisk buying in heavy-weight stocks, particularly in banking and pharma counters.business Updated: Jul 21, 2008 17:06 IST
The markets rose for the third day in a row with the Bombay Stock Exchange benchmark Sensex closing higher by over 214 points even as the political situation remained tense and uncertain a day ahead of the key trust vote in Parliament.
The 30-share BSE barometer, which had gained over 1,000 points in the previous two trading sessions, moved up further by 214.64 points to 13,850.04 on brisk buying in heavy-weight stocks, particularly in banking and pharma counters.
The key index touched the day's high of 13,878.88 and a low of 13,581.19 points.
The market breadth was wide with 24 stocks out of 30 index shares gaining led by heavyweight Reliance Industries and HDFC Bank.
The wide-based Nifty on the National Stock Exchange index also gained 67.25 points at 4,159.50, after touching the day's high of 4,168.15 and a low of 4,072.75.
Marketmen said trading sentiment remained bullish on expectations that the government may be able to muster enough numbers and win the confidence motion tabled in Parliament today.
Reliance Communications rallied after the talks with South Africa's telecom company MTN for a possible amalgamation were called off.
The banking index gained the most by 239.82 points at 6,428.71. Battered financial stocks rose in line with global cues and supported by hopes slower-than-expected inflation would ease the pressure on the central bank to raise interest rates when it review policy next week.