PM's remarks on growth enlivens markets, Sensex up 461 points

Mumbai, June 9 (PTI) The BSE benchmark Indian Sensex
Tuesday posted its second biggest gain of over 460 points
since the UPA coalition won the General Elections, after Prime
Minister Manmohan Singh's optimistic economic growth estimates
enlivened the markets.

The markets witnessed wild swings as the bellwether index
had opened particularly weak before Singh's remarks on
economic growth sparked an immediate, hectic buying interest
which saw the Sensex surging by 461.08 points or 3.14 per cent
to close the day at 15,127.00 points.

Markets were weak in early trade on media reports that
the government may defer a proposal to decontrol fuel pricing
because of a rise in crude rates, and an a likely opposition
to disinvestment plans from DMK.

But Singh's remarks on economic growth injected a fresh
dose of interest among funds who turned aggressive buyers.
Winding up a debate in Parliament, Singh said India with its
could grow 8-9 per cent despite global slowdown.

The 50-share Nifty of National Stock Exchange (NSE) also
rose by 121.05 points or 2.73 per cent to end at 4,550.95.

This is the second biggest gain in markets since the UPA
government came back to power. Earlier on May 27, the Sensex
jumped over 520 points.

As buying was across counters, all sectoral indices on
BSE ended in the green. Realty index was the biggest gainer at
6.25 per cent.

IT index was next best performer after realty at 4.79
per cent. Metal index was up 4.28 per cent and consumer
durables 4.18 per cent.

Mid-cap and small-cap shares recovered sharply on fresh
buying. Their indices rose 3.15 per cent and 1.67 per cent
respectively.

Among the Sensex stocks, DLF shot up 10.07 per cent, Jai
Prakash Associates 8.18 per cent, REL Com 7.37 per cent,
Larsen 6.39 per cent, Ranbaxy 6.37 per cent, Mah & Mah
6.34 per cent and TCS 5.95 per cent.

The total market breadth turned positive with 1,494
counters ending with gains while 1,290 ending with losses.

The total market turnover rose to Rs 8,002.02 crores from
Rs 7,357.83 crore on Monday. Tata Steel topped the list of
highest traded securities with a turnover of Rs 634.79 crore
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