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Stocks firm; Sensex up 560 points
23 Jul 2008, 1206 hrs IST, ECONOMICTIMES.COM
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MUMBAI:
Stocks continued its northbound journey as investors expect the slow-moving
economic reforms programme to be put on the fast track, now that the government
has won the crucial vote of confidence in parliament on Tuesday.
Banking stocks led the rally
on expectations of more mergers and restructuring in the sector. Crucial
legislations in insurance and banking sectors and bills for setting up of a
pension regulatory body and one for unorganised sector had been pending
following opposition from the Left parties that had the government's hands tied
down.
Power sector stocks and
capital goods counters soared 6-8 per cent on hopes the Indo-US nuclear deal
would go through. Dealers expect these companies to benefit from the civilian
nuclear deal. If US Congress gives the deal final approval, India will be able
to engage in civil nuclear trade with the United States, even though it has not
signed the nuclear Non-Proliferation Treaty.
At 11:30 am, Bombay Stock
Exchange's Sensex was up 566 points or 4.04 per cent at 14,670.29. The index
rose to high of 14,773.45 from a low of 14,568.22 in trade so far.
National Stock Exchange's
Nifty climbed 4.06 per cent or 172 points to 4412.05. The index touched a high
of 4441.55 and low of 4246.70.
Second rung stocks were also
in demand. BSE Midcap and Smallcap indices were up 3.66 per cent and 3.17 per
cent respectively.
Biggest
Sensex gainers were Reliance Communications (9.15%), Reliance Infrastructure
(8.72%), ICICI Bank (8.66%), BHEL (8.04%), DLF (8.03%) and HDFC Bank (7.22%).
Cipla, down 1.16 per cent, was
the only loser in the 30-share index.
Market breadth on BSE showed
1916 advances against 363 declines.
http://economictimes.indiatimes.com
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