Sensex up 57pts on reform hopes

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SummaryThe BSE barometer Sensex rose for the second straight day today, settles at 18, 517 pts.

Nidhi Sarswat, Sr Research Analyst, Bonanza Portfolio, said.

"The no confidence motion, as expected, has been rejected. LIC is allowed to raise stake to 30 per cent in companies from 10 per cent which will help address the key

concern of fiscal deficit. This being the single largest factor along with indirect revenue targets exceeding, seems good for the market," Kishor P Ostwal, CMD, CNI Research said.

Engineering major L&T moved up by 1.72 per cent, Infosys by 1.55 per cent, M&M by 1.21 per cent and Sterlite Ind 1.09 per cent. Wipro gained 1.08 per cent, NTPC 1.05 per cent and HDFC Bank 1.03 per cent.

However, Tata Motors dipped by 2.49 per cent, ICICI Bank by 1.03 per cent and RIL by 0.52 per cent.

European markets were trading higher in their early trade as its indices in France, Germany and London inched up by 0.27 per cent to 0.73 per cent.

The market breadth remained positive with 1,431 stocks gaining ground while 1,366 settling with losses.

The total market turnover declined further to Rs 1,931.18 crore from Rs 1,954.27 crore yesterday.

Meanwhile, Foreign Institutional Investors (FIIs) picked up shares worth Rs 182.59 crore yesterday, as per the provisional data issued by stock exchanges.

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