Mkts cheer Govt's victory, Sensex zooms over 830 pts

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Agencies

Posted online: Wednesday, July 23, 2008 at 05:02:50

Mumbai, July 23: The markets cheered UPA government's winning the confidence vote late evening on Tuesday in a big way with the benchmark Sensex zooming by over 830 points to close the day 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 day back, further shot up by 838.08 points, or 5.94 per cent, at 14,942.28 points on Wednesday.

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 benn 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 on 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 with a gain of 9.99 per cent. Capital goods index was the next best at 8.18 per cent.

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Comments - 3

after the party UPA is heading for a trouble by satyam on 23 Jul 2008

The Indian government's win in a vote of confidence has been "tainted" by charges of vote buying, newspapers say. THIS IS THE HEAD LINE ON THE BBC on line. BBC will never publish such headlines if there were NO SUBSTANCE IN THE STORY. one thing is sure, the UPA after winning the votes, heading for the big troubles, regarding bribing the MPs

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Stock Market by SRaman on 23 Jul 2008

BJP was crying during the debate for the downward trend in the market. Hope they will be happy now.

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Even world markets r up ... by Baatul on 23 Jul 2008

Its a combination of both world market and Indian politics. The real question is whether it will be able to sustain. The election countdown for both USA and India has begun. The trouble mongers, especially in the Islamic world are ready to break the financial backbone of the civilized world. Its going to be an interesting fight.

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