Market continues uptrend; PSU banks rally
The market extended a recovery witnessed recently, with the Sensex surging 865.15 points in the last three trading sessions. The market, which had opened weak on subdued global cues completely changed the course, ending near the day's high today. The rally gathered steam in late trade after United Nations nuclear watchdog chief Mohamed ElBaradei today said a basic inspection plan for India met all safeguards standards. Members of International Atomic Energy Agency's (IAEA) board of governors will be voting on the India-specific nuclear safeguard agreement, a key step in operationalisation of the Indo-US nuclear deal.
Index heavyweight Reliance Industries surged. Oil & gas, capital goods, power stocks gained. Jaipraksh Associates gained more than 8.5%. State Bank of India and HDFC jumped more than 5.5% each. Bharat Heavy Electricals and Reliance Infrastructure surged more than 4.5% each.
Reliance Communications (RCom) dipped more than 12% on disappointing Q1 results. The market breadth turned positive from earlier weak breadth.
Telecom minister A Raja today said the government will hold a global auction for high-speed third-generation (3G) mobile services and have five operators initially. India has 60 MHz of 3G spectrum available, and will allow both GSM and CDMA 3G services, he said.
BSE Sensex jumped 300.94 points or 2.1% at 14,656.69.
S&P CNX Nifty was up 80.6 points or 1.86% at 4,413.55.
As per the provisional figures on BSE, the foreign institutional investors sold shares worth Rs 587.28 crore and domestic funds bought shares worth Rs 396.34 crore today.(i.e: 1st August-08)
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