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This is an archive article published on May 20, 2004

Dalal Street cheers Manmohan elevation

Dalal Street gave a thumbs-up to Dr Manmohan Singh on Wednesday with the Sensex rising by another 129 points. After a roller-coaster ride ov...

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Dalal Street gave a thumbs-up to Dr Manmohan Singh on Wednesday with the Sensex rising by another 129 points. After a roller-coaster ride over the last few days, stock markets witnessed the much-needed stability as hopes rose that Dr Singh would be the next prime minister.

Narrowing the losses suffered on Monday, the BSE Sensex crossed the 5,000-mark and ended with a gain of 129.08 points, or 2.65 per cent, at 5,006.10.

With Tuesday’s rise of 372 points, the Sensex has now gained nearly 500 points in the last two trading sessions after losing a huge 565 points on Monday. The NSE S&P CNX Nifty Index today gained 63.90 points, or 4.25 per cent, to end at 1,567.85 points.

Larsen & Toubro chairman A.M. Naik said: ‘‘Under the given circumstances, it is the best that could be done. He is the most acceptable candidate to take forward economic policies.’’

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