It seemed that the markets sensed in advance the victory of the vote of confidence for the Congress-led United Progressive Alliance (UPA).

This, coupled with remote possibility of an early election, and the rising optimism that vital economic reforms will be on course, the markets marched ahead further for the fourth day in a row ignoring the weak global cues. The 30-share Sensex of the Bombay Stock Exchange (BSE) crossed the crucial 14,000-level and gained 254.16 points or 1.84% before ending the day at 14,104.20 points. While S&P CNX Nifty of the National Stock Exchange (NSE), too crossed 4,200 level and added 80.60 points or 1.94% to finally settle at 4,240.10 points.

Deven Choksey, managing director of KR Choksey Securities said, “On speculations that the government will survive and there will be no immediate elections, markets ended in green. Apart from the support of political developments provided to the market, there was also some short covering. However, we need more fresh buying to maintain this positive momentum going ahead.”

He added, that in case of the UPA winning the crucial vote of confidence, the markets may remain positive even on Wednesday.

Dealers said, in anticipation of UPA sailing through, all the stocks belonging to Anil Dhirubhai Ambani Group (ADAG) were in limelight and closed with hefty gains.

Dealers also said, there was huge buying witnessed in the stocks of metal, power, bank and FMCG sector which resulted this sectors to end the day in green. Barring BSE Auto, all the sectoral indices ended the day on an encouraging note. There was also some fresh buying seen in the mid-cap and small-cap stocks they added.

This resulted in positive market breadth with 1,849 stocks advancing while 734 stocks declined and 74 remained unchanged at BSE on Tuesday. In the Sensex, 24 stocks advanced, five declined and Ambuja Cements was the lone one which remained unchanged.

However despite the markets ending in green, foreign institutional investors (FIIs) were net sellers at Rs 597.35 crore, while domestic institutional investors (DIIs) were net buyers at Rs 261.61 crore on Tuesday.