Sensex up 138 points in early trade
Sensex rose by 138 points in early trade, extending yesterday's strong rally, on the back of increased buying by funds and retail investors largely on hopes of an acceleration in economic reforms by the new Congress-led UPA government.business Updated: May 28, 2009 10:54 IST
The Bombay Stock Exchange benchmark Sensex rose by 138 points in early trade on Thursday, extending yesterday's strong rally, on the back of increased buying by funds and retail investors largely on hopes of an acceleration in economic reforms by the new Congress-led UPA government.
Covering-up of short positions by speculators as today being the last session of current month's expiry in the derivatives segment also supported the rise in stock prices.
The 30-share index, which had gained 520.41 points in yesterday's session, climbed 137.98 points to 14,247.62, with auto, power and technology sector stocks rising.
Similarly, the wide-based National Stock Exchange index Nifty, in volatile trade, rose 25.60 points at 4,301.65.
Stockbrokers said expectations that the Government would expedite long-pending reforms and spend more on the country's infrastructure sector, mainly buoyed on the trading sentiment.
They said, however, participants were cautious ahead of the inflation data to be released by noon.
Among major gainers were, Mahindra & Mahindra up 1.58 per cent to Rs 635.20, Tata Power 1.39 per cent to Rs 1,103, NTPC up 1.54 per cent to Rs 204.95, Infosys Technologies 0.94 per cent to Rs 1599.50, Reliance Industries 0.68 per cent to Rs 2,202 and Wipro 1.58 per cent to Rs 384.55.