Market registers biggest gain in the year (Roundup)July 23rd, 2008 - 7:01 pm ICT by IANS
Mumbai, July 23 (IANS) Stock markets in India gave a rousing applause to the victory for the United Progressive Alliance (UPA) government in the trust motion, with a major index ending some 840 points, or nearly six percent, at the closing bell to record the steepest rise this year. Sectors that were battered in the past few weeks - banking, realty and power - led the rally. All the sectoral indices on the BSE ended the day in the green.
Anil Ambani-controlled Reliance companies rose on huge volumes.
The market started on a positive note with huge gain and extended its gain by afternoon and ended the day with a hefty gain.
Said Ashok Jainani, research head of Khandelwal Securities: “Stocks jumped following UPA’s win in the trust vote and expectations that the government would push ahead with pending reforms.”
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index Sensex, which opened at 14,568.22 points, touched a high of 14,979.90 before closing at 14,942.28 points.
It went up by 838.08 points or 5.94 percent at the day’s close.
The National Stock Exchange (NSE) S&P Nifty, which opened at 4,246.70 points, closed at 4,476.80 points. It went up 236.07 points or 5.58 percent.
The BSE Midcap index, which closed at 5,615.94 points, went up 269.91 points or 5.05 percent.
The BSE Smallcap index, which closed at 6,812.64 points, went up 276.22 points or 4.23 percent.
The market breadth was positive. On the BSE, 2,270 shares advanced, 436 declined and 53 maintained status quo.
Top gainers of the day included Reliance Communications at Rs.525.25, up 12.2 percent, ICICI bank at Rs.738.25 gained 11.64 percent, and HDFC at Rs.2,380.20 surged 10.92 percent.
The top losers of the day included Cipla at Rs.232.50, which lost 2.21 percent, HUL at Rs.231.05 lost 0.65 percent, and Ranbaxy Labs at Rs.437.45 lost 3.26 percent.
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