Markets cheer Govt’s survival
Thursday, July 24, 2008 at 2:07 am Under Indian Stock Market 7 views
The markets cheered UPA government’s winning the confidence vote late evening yesterday in a big way with the benchmark Sensex zooming by over 830 points to close the day (July 23) a tad below the key 15,000 level on renewed buying support in banking, consumer goods and realty stocks.
The 30-share BSE barometer, which notched up more than 400 points since the special session of Parliament was convened two days back, today further shot up by 838.08 points, or 5.94 per cent, at 14,942.28 points.
The National Stock Exchange index Nifty also spurted by 236.70 points at 4,476.80 points, after touching the day’s high of 4,491.55 points.
Marketmen said the government’s survival has infused a fresh investment support into the bourses which have long been waiting for a new direction.
Easing crude rates and strong global markets were other positive factors which propelled the domestic bourses, they said.
Brokers said banking stocks were distinctly higher after speculation that new allies may allow the government to initiate reforms in banking. They said government may now be able revive the insurance and banking bills pending in Parliament.
Banking index was clearly the winner today with a gain of 9.99 per cent. Capital goods index was the next best at 8.18per cent.
(PTI)
( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)
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