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Sensex zooms up 120 points on political developments

On the National Stock Exchange, the Nifty gained 14.55 points to 1124.15 against the previous close of 1109.60 at the end of session.

Trading on the BSE started late, at 1430 hours instead of the regular schedule at 0930 hours due to power failure at the BSE building. The market reacted immediately when it resumed following hectic buying spree by the foreign institutional investors, domestic operators, and operators across the country.

Reflecting the bullish phase, the BSE Sensex surpassed the important mark of 3900 by opening high at 3920.32 and scaling further till 1700 hours, gaining at least 119.75 points at 3960.15 against Friday's close of 3840.40 points. It rose even more later till the time of close, which was extended up to 1730 hours due to the early morning power failure.

Marketmen said that their confidence strengthened due to the TDP's decision to support the Bharatiya Janata Party on the issue of the Lok Sabha speaker.

The market opened on bullish phase and the Sensex crossed an important psychological barrier of 3900 mark at the beginning 3920.32, and touched the day's high of 3973.70 points and finally settled down at 3963.81 points, showing a net gain of 123.41 points over the previous close of 3840.40 points.

The BSE Sensex has gained by almost 317 points since March 3, after the outcome of the Lok Sabha results.

Raman Parikh, a leading BSE member said that ''our confidence has been strengthened on today's political development, and we hope we will see the stable government at the Centre led by BJP and its allies at the Centre now.''

UNI