Monday, September 16, 2013

Stock Alert: Market cheers Narendra Modi as BJP's pick for PM candidate

Key benchmark indices surged in early trade after the main opposition party, the Bharatiya Janata Party (BJP), late on Friday, 13 September 2013, named Gujarat chief minister Narendra Modi as the party's prime ministerial candidate for the general elections in 2014. The stock market cheered Modi's appointment as BJP's prime ministerial candidate given Modi's pro-business record as chief minister of Gujarat.

The Sensex was up 304.28 points or 1.54%, up close to 65 points from the day's low and off about 50 points from the day's high. The market breadth, indicating the overall health of the market, was strong.Among the 30-share Sensex pack, 29 stocks gained and only one declined. L&T (up 2.73%), ONGC (up 2.72%) and Jindal Steel & Power (up 2.39%), gained.

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