MUMBAI: The markets got a major boost in the form of guidelines for next generation (3G) mobile services and the benchmark Sensex settled the day higher by over 300 points after opening weaker due to poor trends in European bourses.
Extending the winning streak to third straight day, the 30-share Sensex on the Bombay Stock Exchange ended the day at 14,656.69 points, a rise of 2.10 per cent, or 300.94 points, from its previous close.
The 50-share Nifty on the National Stock Exchange also gained 80.20 points, or 1.86 per cent, at 4,413.55.
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 yesterday that the UPA government would reach out to all political parties to support bills on economic reforms also contributed to raising the of morale of investors.
Country's largest private sector corporate 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 company announcement disappointing Q1 results yesterday.
While most of the Asian indices ended with losses, European markets resumed lower today.
Among other prominent gainers, Jaiprakash Associates was up 8.67 per cent, SBI 6.05 per cent, HDFC 5.51 per cent, REL Infra 4.71 per cent, BHEL 4.61 per cent, Wipro 3.99 per cent, Tata Steel 3.92 per cent, NTPC 3.67 per cent, InfosysTech 3.59 per cent, L&T 3.45 per cent and Satyam Computer 2.85 per cent.
However, Tata Power dropped by 3.76 per cent, Maruti by 2.50 per cent, Hind Unilever by 1.90 per cent, ACC by 1.33 per cent and Tata Motors by 1.15 per cent.
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 Com topped the list of highest traded securities with a turnover of Rs 631.04 crore followed by RNRL (Rs 375.38 crore), Reliance Cap (Rs 347.76 crore), RIL (Rs 297.09 crore) and L&T (Rs 186.82 cr).
Besides FMCG and Auto segment, all other sectorial indices notched handsome gains. The BSE-CG index spurted by 448.20 points or 3.84 per cent, the BSE-Power by 87.48 points or 3.40 per cent, the BSE-PSU by 219.38 points or 3.27 per cent, the BSE-Oil&Gas by 317.39 points or 3.28 per cent and the Bankex by 212.24 points or 3.26 per cent.
The broad-based BSE-100 Index shot up by 173.07 points or 2.31 per cent to 7,661.55 from its previous close of 7,488.48.
The BSE-200 Index and the Dollex-200 were quoted higher at 1,788.38 and 702.73 at the close compared with 1,749.11 and 684.71 respectively.
