Sensex zooms by 753 pts in early trade
Buoyed by the ruling UPA government's victory in the trust vote, the 30-share index was quoted 14,757.21 at 10 am.business Updated: Jul 23, 2008 11:09 IST
The upbeat mood gathered momentum on the stock markets with the benchmark Sensex rising further by a whopping 653 points as the UPA government won the trust vote last evening, ending worries about political instability.
Marketmen said the sentiment was also boosted by hopes that the government will now be able to push forward economic reforms as well as strong global cues.
They said the reforms process almost had come to a standstill in the last four years due to opposition by the Left parties, which was the key ally of the government.
The 30-share index of the Bombay Stock Exchange was quoted 14,757.21 at 1000 hrs, up 653.01 points or 4.63 per cent from its last close.
The 50-share S&P CNX Nifty also surged by 181.35 points or 4.28 per cent to 4,421.45 at 1000 hrs from its previous close.
FMCG, Power, Metal and Capital Goods shares remained in the forefront on sustained and heavy buying support.
Asian markets too were strong in early trade with their indices gaining by about 1.25 per cent to 3.6 per cent.