Sensex soars 321 points on oil & gas reforms, BJP’s big victory…


The Sensex and the Nifty surged nearly 1.3 per cent at the closing session on Monday owing to stellar performance by the Bharatiya Janata Party (BJP) in the Maharashtra and Haryana Assembly elections and due to oil and gas reforms announced by the government on Saturday.

In a repeat of its show in the Lok Sabha elections, the BJP notched up a simple majority for the first time in Haryana with 47 seats in the 90-member Assembly and a staggering 33.2 per cent of the vote share.

In a four-cornered contest in Maharashtra, the BJP emerged the largest party with 122 seats and 27.8 per cent of the vote.

The incumbent Congress was relegated to the third spot in both States.

The Government had on Saturday deregulated diesel prices but hiked the natural gas tariff by 46 per cent that will push up fertiliser, power, CNG and PNG rates.

The 30-share BSE index Sensex surged 321.32 points at 26,429.85 and the 50-share NSE index Nifty rose 99.7 points at 7,879.40.

Barring IT and TECk, all other BSE sectoral indices ended significantly in the green. Among them, PSU, auto, capital goods and oil & gas stocks were the star-performers and were up 2.64 per cent, 2.17 per cent, 2.14 per cent and 1.94 per cent, respectively. Only IT index was down 0.83 per cent and TECk 0.26 per cent.

ONGC, Hindalco, Tata Motors, Axis Bank and L&T were the major Sensex gainers, while the major losers were Wipro, Infosys, TCS, ITC and Reliance.

Global stocks climbed on Monday, with strong US data and encouraging third-quarter earnings easing concerns about the pace of global economic recovery and raising the appetite for riskier assets.

The MSCI world equity index, which tracks shares in 45 countries, was up 0.3 per cent by 0821 GMT.

MSCI’s broadest index of Asia-Pacific shares outside Japan surged 1.2 per cent overnight as an upbeat survey of US consumer sentiment on Friday brought some calm to markets after a week of turbulence.

The pan-European FTSEurofirst 300 index fell 0.3 per cent, however, as a profit warning by technology company SAP hit shares in the sector.

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