Sensex surges by 77 points, crosses 6,800

The benchmark Sensex is just 142 points away from the magical 7,000 mark. Dalal Street continued its upward march on Wednesday with index he...

The benchmark Sensex is just 142 points away from the magical 7,000 mark. Dalal Street continued its upward march on Wednesday with index heavyweights like ICICI Bank, Infosys Technologies, Reliance Industries, HDFC and ITC lifting the barometer Sensex up by another 77 points. The index closed above the 6,800 level in the process.

The Sensex shot up by 76.99 points or 1.1 per cent to 6,858.24, its highest closing in nearly 3 months since March 10, 2005. The S&P CNX Nifty advanced 14.25 points or 0.6 per cent to 2,112.40.

After a sharp 74-point correction witnessed on June 2, the Sensex had surged 202.68 points or 3 per cent in five trading sessions from 6,655.56 since June 2. Various factors like the stepping up of buying by FIIs, the arrival of the monsoon, expectations of settlement of the feud between Ambani brothers and firm US markets boosted the bourses. Recently, the easing of global oil prices aided the Sensex’s surge. The southwest monsoon has already reached India’s southern Kerala coast on Sunday, which added to the cheer.

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However, a section of the market is worried about the sustained rally in the Indian market. “The current rally is not based on fundamentals. The market is in an overbought position,” said a BSE dealer who preferred anonymity.

Reliance shares found themselves receiving attention again on hopes that a settlement would be reached between the feuding Ambani brothers shortly. Infosys scaled a 52-week closing high. NIIT Technologies moved strong after it posted robust Q4 results after trading hours on Tuesday. Shipping scrips and PSU banks found strong momentum.

Reliance Industries (RIL) added 1.8 per cent to Rs 557.95. Marketmen expect a settlement of the feud between the Ambani brothers shortly. Reliance Energy (REL) spurted 4% to Rs 571.50.

Software pivotals also moved up. IT bellwether Infosys gained nearly 3 per cent to Rs 2,302, a 52-week closing high. Satyam Computer put on 2.6% to Rs 472 and TCS inched up 0.9% to Rs 1,289. Housing finance major and an FII favourite, HDFC advanced for the fourth day in a row. The stock was up 2.3% to Rs 825.50.

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ICICI Bank climbed 3.7% to Rs 420.95 tracking a 2.7% rise in its ADR on the New York Stock Exchange on Tuesday to $ 21.60. PSU banks gained for the third day in a row. Indian Overseas Bank (up 6.7% to Rs 86.85), Allahabad Bank (up 5.8% to Rs 90.40), Bank of Maharashtra (up 5% to Rs 36.85), Bank of India (up 3.8% to Rs 110), Andhra Bank (up 2.5% to Rs 105), Bank of Baroda (up 2.4% to Rs 210), UCO Bank (up 2.2% to Rs 29.65), Vijaya Bank (up 2% to Rs 67) and State Bank of India (SBI) (up 0.6% to Rs 690) gained in varying degrees.

Police personnel seen to control the situation during a massive protest over the statehood demand and the inclusion of Ladakh under the Sixth Schedule, in Leh on Wednesday. (ANI Video Grab)

Statehood protest takes violent turn in Ladakh, BJP office set ablaze in Leh

India2 hr ago

Protests in Ladakh turned violent as students and youth organisations demanded statehood and Sixth Schedule status. Two elderly protesters fainted, prompting a shutdown call. A BJP office and security vehicle were set on fire. Activist Sonam Wangchuk urged for a peaceful approach. The demand for Sixth Schedule status is due to Ladakh's tribal-majority population and direct central administration.

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