Reform hopes, global cues see indices surging

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 Reform hopes, global cues see indices surging
Hopes of reforms and strong global cues saw markets surging in early trade today. The BSE Sensex was trading higher by 104 points, while the Nifty was seen trading higher by 32 points at 9.30 am IST.

Markets across the globe surged after better than expected earnings performance from corporates in the US. The Dow Jones and NASDAQ had strong closings overnight. In Asia Singapore's Strait Times, the Korean Kospi, Hong Kong's Hang Sang and the Japanese Nikkei were all trading higher.

Nifty shares that were in the limelight included Tata Power, Tata Motors, Sterlite and Hindalco Industries.

Among the shares that lost ground today were Maruti Suzuki which shed almost 5% following labour unrest at the company. Reliance media was marginally down following reports that the company will see its stake in the firm and media services division.

Markets are expected to move in a tight range and are awaiting triggers, particularly a wave of reforms in the next few months. With the completion of the Presidential elections today, the market may desperately look for Manmohan Singh pushing ahead with the reforms process.

Read more about: sensex, nifty
Story first published: Thursday, July 19, 2012, 9:26 [IST]
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