Sensex zooms 670 pts on economic reform hopes

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{image-sensex, big_23072008.jpg}Mumbai, Jul 23: Riding on hopes of economic reforms after wining of the trust vote by the ruling government, the benchmark index of Bombay Stock Exchnage zoomed nearly 670 points to 14,774 even as Nifty surged over 200 points in the opening trade on Wednesday,July 23.

Sensex opened with a whopping gain of 464 points at 14,568.22 from its previous close of 14,104.20 and extended the gains on sustained buying interest as political uncertianty ended with the victory of Congress-led United Progressive Alliance (UPA) government at centre and global market cheered on easing oil-prices, brokers said. Banking, realty and power stocks led the early rall, gained 7-8 per cent. Both the Reliance groups' shares surged up following the positive cues.

Fall in oil prices boosted US stocks yesterday, followed by Asian markets, key indices Hong Kong, Japan, South Korea, Singapore and Taiwan were up trading in green.

Back home, the BSE Mid-Cap index was up by 3.35 per cent to 5,525.10 and the Small-Cap index was up 2.89 per cent to 6,725.07.

The market breadth was strong with 1,519 shares in demand as compared to 218 that declined, while 29 remained unchanged.

Reliance Energy surged up by 11.18 per cent at Rs 1,021.10, Reliance Communication was up by 11.23 per cent at Rs 520.70, DLF up 8.99 per cent at Rs 495, Bharat Heavy Electricals up 8.11 per cent at Rs 1,727, HDFC Bank gained 7.95 per cent at Rs 1,187.90 and ICICI Bank rose 9.59 per cent to Rs 724.70.

Reliance Industries rose by 3.93 per cent to Rs 2,239. A hearing in the Bombay High Court is due today on the petition of Reliance Natural Resources (RNRL) seeking to restrain Reliance Industries (RIL) from selling natural gas from its KG basin gas fields to third parties.

Reliance Natural Resources, Anil Dhirubhai Ambani Group-controlled gas transportation firm, spurted 10.74 per cent at Rs 81.45. Reliance Capital was up 9.48 per cent at Rs 1,290 on a turnover of Rs 76.51 crore.


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