Thursday, May 20, 2004
Thursday, May 20, 2004 |
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By Our Special Correspondent
NEW DELHI, MAY 19. The end of political uncertainty and the news that Manmohan Singh will be the next Prime Minister cheered the stock market today and the Bombay Stock Exchange Sensitive Index (Sensex) jumped by 129 points at close of trading to cross the 5,000 points mark. In fact, market sentiments had taken a turn for the better on Tuesday when reports emerged that Sonia Gandhi, who had declined to take up the Prime Minister's job, favoured Dr. Singh for the post. With the recovery yesterday and today, the market has almost recouped the loss of 565 points it suffered on Monday when there was a virtual mayhem on the bourses. On Tuesday, the entry of Indian financial institutions, as well as other buyers who picked up scrips cheaply, resulted in a rise in the Sensex of over 200 points. Then came the news that Dr. Singh could be the next Prime Minister, which buoyed the market, and the Sensex gained 372 points at close. With today's gain of 129 points, the market has recovered 501 points. The news of Dr. Singh's appointment also led to a surge in public sector stocks, particularly the oil and bank stocks.
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