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Sensex soars 418 points


MUMBAI: The stock market on Monday rose for the second day in a row with a 418-point rally in the benchmark BSE Sensex on robust gains in Reliance Industries and ICICI Bank as concerns over the U.S. housing loan crisis and domestic political uncertainty eased.

The Bombay Stock Exchange’s 30-share barometer index settled 417.51 points higher at 14842.38, after touching its intra-day high at 14858.93.

It had opened with a gain of 156 points over Friday’s close of 14424.87.

The broad-based Nifty of the National Stock Exchange ended 112.45 points higher at 4302.60 points.

Both the key indices gained about three per cent each as investors covered short positions ahead of the expiry of August derivatives contract on Thursday.

On Friday, the markets had bounced back by two per cent on hopes of early resolution of differences over the deal. — PTI

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