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20 Oct 2014
BSE Sensex surges 300 points on reforms
FXStreet (Mumbai) - The BSE Sensex in India rose more than 300 points today as oil stocks gained after the government announced a slew of reform measures such as diesel price deregulation and hike in natural gas price.
The 50-share index, Nifty, managed to rise back above 7900 levels, driven higher by gains in oil & gas, capital goods, auto and banking stocks. Meanwhile, BSE Sensex is trading higher by 344 points at 26,453. The equity markets have also been buoyed by the Bhartiya Janta Party’s (BJP) victory in Maharashtra and Haryana state elections. Experts say, “The election win will help the BJP increase numbers in Rajya Sabha, which will help in passing reforms.”
Moreover, with reforms underway, experts believe that benchmark indices should be able to hit fresh record highs in the month of November.
Sensex Technical levels
The index has an immediate resistance level of 26,550 levels, above which it can rise to 26,650 levels. On the flip side, the index may fall to 26,200 levels if the index slips below the day’s low of 26,372.
The 50-share index, Nifty, managed to rise back above 7900 levels, driven higher by gains in oil & gas, capital goods, auto and banking stocks. Meanwhile, BSE Sensex is trading higher by 344 points at 26,453. The equity markets have also been buoyed by the Bhartiya Janta Party’s (BJP) victory in Maharashtra and Haryana state elections. Experts say, “The election win will help the BJP increase numbers in Rajya Sabha, which will help in passing reforms.”
Moreover, with reforms underway, experts believe that benchmark indices should be able to hit fresh record highs in the month of November.
Sensex Technical levels
The index has an immediate resistance level of 26,550 levels, above which it can rise to 26,650 levels. On the flip side, the index may fall to 26,200 levels if the index slips below the day’s low of 26,372.