UPAs victory boosts Sensex

July 23rd, 2008 - 1:24 pm ICT by ANI  


Mumbai, July 23 (ANI): The United Progressive Alliance Governments victory in yesterdays confidence motion in the Lok Sabha gave a boost to todays Sensex, which soared to 650 points in the early hours of the market opening.

Investors were enthusiastic on a buying spree across the board. Banking stocks were in demand followed by realty and power stocks.

At 10 am, the Bombay Stock Exchange’’s Sensex soared to 14,739.79 level, up 4.5 per cent or 636 points from Tuesday’’s close.

National Stock Exchange’’s Nifty climbed 4.28 per cent or 181.35 points to 4421.45 level.

Midcaps and smallcaps also participated in the rally. BSE Midcap and Smallcap indices were up 3.5 per cent and 2.8 per cent respectively.

Biggest Sensex gainers were ICICI Bank (10.72 per cent), HDFC (9.98 per cent), Reliance Infrastructure (9.1 per cent), HDFC Bank (8.73 per cent), BHEL (8.17 per cent) and DLF (6.35 per cent).

Anagram Securities said, Small and the mid-caps, which have been resting should do the best today as rising tide will raise all the stocks.”

Taking a cue from the US market where stocks ended sharply higher overnight as oil prices slid further and a report from Deutsche Bank which suggested that financial companies are overcoming credit losses, the Indian investors participated in the market with a vengeance.

The S and P 500 gained 17 points, or 1.4 percent, to 1,277, the Dow Jones Industrial Average added 135.16 points, or 1.2 percent, to 11,602.5 and the Nasdaq Composite Index rose 24.43 points, or 1.1 percent, to 2,303.96.

US crude oil futures fell more than 3 dollars yesterday, ending at a six-week low as the threat of Tropical Storm Dolly to oil drillers and refineries in the Gulf of Mexico and Texas eased.

On the New York Mercantile Exchange, August crude expired and settled down 3.09 dollars, or 2.36 percent, at 127.95 dollars, the lowest since 127.79 dollars on June 5. (ANI)

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