Wed, Jul 9 06:38 PM
MUMBAI, India (AP) _ India's main Sensex stock index surged 4.6 percent Wednesday with brisk buying in heavyweight property and utility stocks. The Bombay Stock Exchange's benchmark 30-stock Sensex rose 614 points to close at 13,964.26.
On the broader National Stock Exchange, the 50-company S&P Nifty index rose 4.24 percent to close at 5,378.51 points. The Press Trust of India news agency said investor sentiment was boosted by the withdrawal of support by communists parties for Prime Minister Manmohan Singh's government, which will now have a free hand in pursuing economic reforms.
The realty subindex rose by 6.06 percent, power by 5.39 percent, while the bank subindex gained 4.87 percent and consumer goods 4.70 percent. Indian markets have been volatile in recent weeks with several sharp declines amid investor concerns over rising inflation and political uncertainty.
Weak global markets and soaring energy prices have hit markets hard. In India, the Sensex has fallen to the 13,000 levels from record highs around 21,000 points since January.
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