Sensex surges 340 points amid political worries

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{image-sensex, big_22072008.jpg www.oneindia.com}Mumbai, Jul 22: Sensex on Tuesday, July 22, climbed over 340 points to past over the level of 14K, even as Nifty gained 102 points amid prevailing political uncertainty at the centre.

After resuming the session in red on political uncertainty, the benchmark index bounced back to sustain gains on fresh buyings in select blue chip pivotals amidst volatility bouts. Though, investors seemed to be cautious as today the Congress-led UPA government will seek vote of confidence in the Parliament this evening after the trade, brokers said. Sensex was trading with a positive gap of 340 points at 14,190 from its previous close of 13,850 and broader-based Nifty index of NSE was at 4,260, gaining 102 points in the mid-morning trading session.

Asian markets were mostly in red as several major US companies, including American Express Co, iPod maker Apple Inc and cruise ship operator Royal Caribbean Cruises, disappointed investors with lower-than-expected quarterly results reported a day before. Back home, the BSE Mid-Cap index was down by 1.02 per cent to 5,310.48 and the Small-Cap index was down by 0.67 per cent to 6,481.40. The market breadth was positive with 971 shares advancing as compared to 500 declined and 41 remained unchanged.

Bharat Heavy Electricals rose 4.35 per cent at Rs 1,573 and was the top gainer in the Sensex pack, whereas India's largest passenger car maker Maruti Suzuki fell by 6.8 per cent to Rs 465.85 and was the top index loser. Both these firms declared their Q1 results after market hours yesterday.

Tata Steel was up by 2.69 per cent at Rs 614.60, Reliance Infrastructure up 2.32 per cent at Rs 880.50, Grasim Industries up 2.40 per cent at Rs 1,769.30 and HDFC Bank gained 2.49 per cent at Rs 1,109.90.

However, Tata Motors declined by 2.39 per cent at Rs 410, Jaiprakash Associates was down by 1.83 per cent at Rs 163.30, Bharti Airtel was down 1.68 per cent at Rs 785 and ONGC dropped 0.80 per cent at Rs 947.

UNI

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