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Sensex jumps 475 points led by Reliance

May 12, 2009

INDIA-BUDGETAfter a relatively quiet start in the morning, the benchmark stock index rallied and closed 475 points higher even as factory output data disappointed.

There was speculation that the BJP-led alliance, perceived as market friendly, was gaining momentum in the elections.

The 5.3 percent rise in Reliance Industries, India’s top listed firm, helped the benchmark rise above 12,000 levels.

Other heavyweights like ICICI Bank (up 6.7 percent) and Infosys (up 5.5 percent) also supported the Sensex rise.

ICICI Bank, which closed at 559 rupees on Tuesday, has seen its share price more than double from its 2009-low on March 9.

The info tech space was best among sectors as the BSE IT index gained 5.2 percent. It was followed closely by the Bankex, which ended 4.8 percent higher.

Some mid-cap counters like 3i Infotech and Motilal Oswal registered gains of around 20 percent.

The benchmark again crossed the 12,000 mark on Tuesday. With election results out this Saturday, where do you think the markets are heading?

Comments

Sensex is gaining momentum… If we get a stable government it would rally past 15,000!

Posted by Rajan | Report as abusive
 

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