Bulls let loose on Dalal St, Sensex up 321 points
Markets rose sharply as state assembly election results were announced
By : DC Correspondent
Update: 2014-10-21 01:54 GMT
Mumbai: Markets rose sharply on Monday as the state assembly election results and a slew of economic reforms announced by the government during the weekend triggered broad based buying in the market. The deregulation of diesel prices, hike in the natural gas prices and the state assembly election results, which favoured the ruling party at the centre raised hopes about the execution of key pending economic reforms in the coming days.
The Sensex rose 321.32 points or 1.23 per cent to close the day at 26,429.85 while the Nifty ended the day at 7,879.40, gaining 99.70 points or 1.28 per cent. According to the provisional data released by the stock exchanges, foreign portfolio investors purchased shares worth Rs1,040.08 crore on Monday. “Diesel deregulation will be perceived by the market as the Modi administration’s first ‘big bang’ reform ass-uaging investor concerns that the government was moving slowly on translating its political goodwill into str-ong economic intent.