Fiscal reforms hopes send bulls on free run

Equities made handsome gains alo on strong global cues and buying momentum.
The 30-scrip sensitive index Sensex which opened higher at 16,190.79 points, closed at 16,498.72 points, 2.11 per cent or 340.44 points above Friday’s close at 16,158.28 points.
The S&P CNX Nifty of the National Stock Exchange (NSE), too, closed in the positive terrain at 4,898.40 points, up 2.13 per cent over its last close.

Mid-to-smaller capitalised scrips also found favour with buyers, with BSE midcap index closing 1.97 per cent up and the BSE small cap index ending 2.16 percent higher.
The market breadth was positive, with 1,993 stocks advancing, 756 declining and 47 remaining unchanged. Prime Minister Manmohan Singh on Sunday had said the government would pursue financial sector reforms to fund infrastructure development that would in turn propel the economy.

Singh also said government would take steps to withdraw stimulus measures by next year and there is a need to develop long-term debt markets and deepen corporate bond markets, that in turn calls for a strong insurance and pension sub-sectors.
The trading volume fell to Rs 5,014.39 crore as compared to Rs 6,019.18 crore on Friday.