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Buying in blue chip stocks, auto, power firms boosts Sensex, Nifty

Buying in blue chip stocks, auto, power firms boosts Sensex, Nifty
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First Published: Fri, Aug 24 2007. 05 34 PM IST
Updated: Fri, Aug 24 2007. 05 34 PM IST
Mumbai: Indian shares climbed Friday, boosted by buying in blue chip companies, automobile and power utilities.
The Bombay Stock Exchange’s benchmark index, the 30-share Sensex, gained 261 points, or 1.8%, to close at 14,425 points.
On the broader National Stock Exchange, the 50-company S&P Nifty index climbed 76 points, or 1.8%, to end at 4,190 points.
Leading the rise was automobile company Tata Motors Ltd. that went up 5.7% to close at Rs658, followed by automaker Mahindra & Mahindra Ltd., which was closed up 2.5% at Rs640.
Equipment maker Bharat Heavy Electricals Ltd. too posted gains, climbing 5.3% to Rs1,750.
Power utilities gained with Reliance Energy Ltd. rising 4% to Rs736, followed by National Thermal Power Corporation Ltd. up 2.6% to Rs 164.
The benchmark Sensex surged by over 227 points in midsession on the Bombay Stock Exchange today on expectation the government and the Left allies will resolve their differences on the Indo-US nuclear deal.
The Sensex, which remained volatile since morning, shot up by 227.46 points to 14,391.44 at 1400 hours as most of the heavy-weight stocks notched up handsome gains. Twenty-seven out of the 30 stocks in the index gained.
The CPI(M) last evening said it did not want the “current crisis” over the nuclear deal to affect the Manmohan Singh government and that it had not discussed the possibility of elections in a crucial two-day meeting.
Congress had also expressed hope that some way would be found to ease the stand-off. “We hope keeping in view the national interest, some understanding will be reached and some way will be found out,” AICC General Secretary Janardan Dwivedi has said.
The wide-base National Stock Exchange’s Nifty surged by 67.75 points to 4182.70.
Stocks declined yesterday on concern that communist opposition to a nuclear accord with the US would force an election about two years ahead of schedule.
Reliance Industries, the nation’s most valuable company and heaviest on the Sensex, rose Rs 19.50, or 1.1%, to 1,762.10. State Bank of India, the country’s largest lender and another index heavyweight, rose Rs.16.95, or 1.2%, to Rs 1,432.
ONGC, a biggest oil producer, climbed Rs 11.20, or 1.4%, to Rs 795.15.
Bucking the global trend, the benchmark Sensex opened higher by over 152 points on the Bombay Stock Exchange today on selective buying by funds.
The 30-share index, Sensex, which loss over 85 points in previous day’s trading, bounced by 152.09 points at 14,316.07, in the first five minutes of trade.
Similarly, the wide-based National Stock Exchange rose by 49.35 points at 4,164.30, even as the Asian markets showed a weak trend.
The Asian bourses including Japan, Hong Kong and Singapore opened lower on foreign funds reducing their holding in these markets.
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First Published: Fri, Aug 24 2007. 05 34 PM IST
More Topics: Stocks | Sensex | Money Matters | Equities |