The Hindu : Business : Sensex surges 301 points

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Saturday, Aug 02, 2008
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Sensex surges 301 points

MUMBAI: The markets got a major boost in the form of guidelines for next generation (3G) mobile services and the Bombay Stock Exchange benchmark Sensex settled higher by over 300 points after opening weaker due to poor trends in the European bourses.

Extending the winning streak to the third straight day, the 30-share Sensex closed at 14656.69, a rise of 2.10 per cent, or 300.94 points, from its previous close.

The 50-share Nifty on the National Stock Exchange gained 80.20 points at 4413.55.

Market participants said the Government’s introduction of norms for 3G mobile services set the tone as the decision raised hopes of faster reforms, including the passage of three crucial bills for financial sector reforms.

Brokers said Finance Minister P. Chidambaram’s statement on Thursday that the UPA Government would reach out to all political parties to support bills on economic reforms also contributed to raising of the morale of investors.

Reliance Industries, which enjoys the highest weightage in the Sensex, spurted by 4.24 per cent.

However, India’s second largest telecom services provider Reliance Communications tumbled by 12.65 per cent following the announcement of disappointing Q1 results.

While most Asian indices closed with losses, European markets resumed lower on Friday. The market breadth was extremely positive with 1,548 counters gaining against 1,110 losing ground.

The trading volume shot up to Rs. 6,763.87 crore from Rs. 5,091.04 crore on Thursday. Reliance Communications topped the list of highest traded securities. — PTI

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