Sensex rises 94 pts on reform hopes; Infosys, RIL rise

Led by Infosys, RIL and ICICI Bank, shares continued their upward march for the third straight day today with Sensex rising by 94 points on hopes of acceleration in economic reforms after the Presidential polls.

The BSE benchmark index, which had gained over 81 points in last two sessions, rose by 93.84 points, or 0.55 per cent, to 17,278.85 as 22 scrips out of 30-share index gained.
The day's best performers include Infosys, Sterlite Industries, Tata Power, Bhel and Bajaj Auto that gained in the 2-3 per cent range.

RIL, ahead of its April-June earnings tomorrow, rose 1.7 per cent while hopes of robust numbers from ICICI Bank next week drove the scrip up 1.3 per cent.

Legislators and Parliamentarians today cast their ballots in the 14th Presidential election in which UPA nominee Pranab Mukherjee is expected to emerge victorious.

On similar lines, the 50-share National Stock Exchange index Nifty rose by 26.40 points, or 0.51 per cent, to 5,242.70 after touching the day's high of 5,257.75.

Shares of Maruti Suzuki, which tanked nearly 9 per cent, were a big drag after its Manesar plant was shut down in relation to the violent incident last evening.

"Buying was prominent in IT, Consumer Durables and Oil&Gas stocks. Recovery from lower levels was seen in Metal sector also. FIIs continue to be net buyers in stocks in July," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

Traders said the domestic market also tracked a firming trend as global stocks rose on speculation China will announce measures to boost growth.

European shares hit 11-week high as second quarter corporate results lifted sentiment while gains in Asian markets were led by Hong Kong, Taiwan and Japan.