Sensex recovers 197 points on hopes of more reforms

Sensex recovers 197 points on hopes of more reforms Mumbai: Expectations of more reform measures in the winter session of Parliament in view of rejection of no-trust motion moved by Trinamool Congress against the Government pushed up the BSE benchmark Sensex by 197 points to 18,506.57, snapping two weeks of losing spree.

Persistent foreign fund inflows into equity market also boosted the market sentiment.

An attempt by the former UPA ally to bring a no-trust motion against the Congress-led Government over FDI in retail failed in the Lok Sabha for want of requisite numbers. This supported the uptrend in the market, brokers said.

Placing of key Bills regarding insurance and pension reforms in the winter session too gave a leg-up to the market.

Brokers said buying at low levels in selective counters helped the 30-share Sensex to end in positive zone.

Traders said Indian stock market was also helped by firm Asian trends on reports that President Barack Obama is confident of striking a deal with US Congress on a new budget.

Some short-covering was seen ahead of expiry of derivatives contract on November 29, pushing the BSE benchmark up, they added.

The Bombay Stock Exchange (BSE) sensitive index resumed higher at 18,349.53 and hovered in a range of 18,567.68 and 18,255.69 before ending at 18,506.57, showing a gain of 197.20 points, of 1.08 percent, over the last week.

PTI