BSE Sensex jumps 838 points as market pins hope on reforms
The prime index of the Bombay Stock Exchange (BSE), the Sensex, surged 5.94 percent on Wednesday, reflecting the market sentiment with investors hoping the government which had emerged victorious in the trust vote that took place in the Indian Parliament yesterday would revive much-needed economic reforms.
BSE Sensex falls marginally ahead of national budgetThe 30-share benchmark index surged 838.08 points to close at 14,942.28 with 28 components closing higher. The index opened at 14,568.22 and climbed steadily to touch an intraday high of 14,979.90 before closing slightly lower.
In spite of Wednesday's gain, the index, which hit a record high of 21,206.77 on Jan. 10, is still down about 21.5 percent this year.
The day's biggest gainer was Reliance Communications, which soared 12.20 percent to close at Rs.525.25.
Financial stocks ICICI Bank, Housing Development Finance Corporation (HDFC), State Bank of India (SBI) and HDFC Bank surged 11.64 percent, 10.92 percent, 10.45 percent and 9.57 percent to close at Rs.738.25, Rs.2380.20, Rs.1543.80 and Rs.1205.75 respectively.
State-owned power equipment maker BHEL rose 10.92 percent to close at Rs.1772.
Real estate giant DLF climbed 9.12 percent to close at Rs.495.55 while engineering and construction major Larsen & Toubro (L&T) advanced 7.58 percent to close at Rs.2766.65.
Cement makers ACC, Grasim Industries and Ambuja Cements jumped 4.71 percent, 3.84 percent and 3.83 percent to close at Rs.591.10, Rs.1830.30 and Rs.84.10 respectively.
Auto majors Tata Motors and Maruti Suzuki edged up 6.23 percent and 3.24 percent to close at Rs.437.55 and Rs.607 respectively.
Top listed Reliance Industries ended up 5.16 percent at Rs.2265.50.
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- 2 No Respite: India's inflation rate surges to 12.63 percent, monetary tightening seen
- 3 Government approves modernization and expansion of Chennai and Kolkata airports, allocates Rs.3750.50 crore
- 4 BSE Sensex snaps 5-day losing streak, climbs 1 percent on strong global cues
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