Markets spurt, Sensex up a hefty 615 points

Wed, Jul 9 08:27 PM

Mumbai, July 9 (PTI) Amid a fluid political situation, stock markets surged with the benchmark Sensex notching up a healthy over 600 points to close at in the vicinity of 14K mark level, tracking strong cues in global bourses and downturn in crude prices. The 30-share Sensex on the Bombay Stock Exchange rallied to a high of 13,998.48 during intra-day before concluding the day at 13,964.26 points, a smart rise of 614.61 points, or 4.60 per cent, from its previous close.

Similarly, the 50-issue Nifty of the National Stock Exchange also spurted by 168.55 points, or 4.23 per cent, at 4,157.10 points. Marketmen said investor sentiment was also aided by anticipation of economic reforms getting a boost in the wake of Left parties, a strong opponent of reforms, withdrawing support to the UPA government if it continues in the office.

Samajwadi Party submitting a fresh letter to President on its backing the Manmohan Singh ministry also kept the market sentiment firm throughout the day, they added. On global front, Besides, South Korea and Taiwan, most of other Asian markets ended in the green, while European indices displayed firm trend early morning, impacting positively on the local bourses.

Fall in the global crude oil prices near USD 137 a barrel also aided the market sentiment to a great extent. Buying activity was widespread as all sectorial indices ended higher by an average of 1.6 per cent to 6.0 per cent, mainly led by realty and power sectors.

Country's largest private sector firm and the top heavyweight, Reliance Industries (RIL) notched handsome gains of 5.12 per cent. PTI.

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