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Market Update : 
Sensex Soars 5% on Political Hopes
Author: 123jump.com Staff
123jump.com
Last Update: 4:52 PM EDT July 02 2008

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Stocks in India rebounded sharply on the hopes that a political settlement can be reached between Congress led UPA ruling coalition and a regional party. The prospect of alliance between Congress and Samajwadi Party lifted Sensex index up 5.4%. Banks, real estate and industrial companies participated in the rally. DLF rallied 15% after the company will decide to buy back stocks next week. Software services exporters rebounded as rupee has declined nearly 9% in the last two months.

 
ONGC rose 8.1% to 854.45 rupees. ONGC Videsh, the wholly-owned subsidiary of ONGC, is one of the 41 global oil firms to be shortlisted by the Iraqi government to develop its oil fields.

OVL is also re-negotiating earlier exploration commitments given under the Saddam Hussein regime and later cancelled by the US.

Reliance Update

Reliance Industries gained 4.8% to 2,143.10 rupees and Reliance Infrastructure gained 12.6% to 790.50 rupees.
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