JOIN USMarkets cheers up on reforms, state election results
Aided by a slew of reform measures and the state poll results, benchmark indices ended the day on an optimistic note. While the Sensex ended 321 points higher at 26,430, the Nifty ended 100 points higher at 7879.40.
After losing 0.71 per cent in the last weekly trade session, a benchmark index of Indian equities markets Monday provisionally closed the day’s trade 321.32 points or 1.23 per cent up as automobile, banks, capital goods, oil and gas and metal stocks gained.
However, heavy selling was sustained in information technology (IT) and technology, media and entertainment (TECK) sectors. The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 26,434.16 points, closed the day’s trade at 26,429.85 points, up 321.32 points or 1.23 percent from the previous day’s close at 26,108.53 points.
The Sensex touched a high of 26,517.90 points and a low of 26,368.94 points in the intra-trade.The S&P automobile index gained 369.44 points, bank index went up by 324.17 points, capital goods index moved up by 304.14 points, oil and gas index rose by 204.83 points, and metal index was higher by 170.21 points. However, IT index dropped by 83.75 points and TECK index slipped by 14.46 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) also ended in positive territory. It closed at 7,879.40 points -- up 99.70 points (provisionally) or 1.28 per cent.
“The markets were clearly enthused by the intent shown & the key decisions taken for the oil & gas sector before the state poll results were out, with the election code of conduct coming to an end. Election results on Sunday acted as an icing on the cake,” said Devang Mehta, Sr VP & Head - Equity Advisory, Anand Rathi Financial Services.
The focus again shifts to the earnings season, where market has been rewarding companies that has consistently been coming up with good numbers & the treatment has been rather severe for companies which have not delivered, he added.
Oil and gas companies were the star performers in the market today after the government announced deregulation of diesel prices and revision in prices of domestically produced natural gas.