Millennium Post

Markets cheer verdict; Sensex gains 85 points

Barack Obama's re-election as the US President brought cheer to Indian stock market pushing the BSE benchmark Sensex up 85 points to close on Wednesday at a one-month high of 18,902.41 on hopes of revival of global economy.

With this, the 30-share index extended its winning run to the sixth straight day after gaining 386 points in last five trading sessions.

The Sensex opened lower but picked up pace to touch the day's high of 18,973.43, up 156 points, on expectations that Obama's second term will help uplift business sentiment and lead to economic resurgence in America.

Finance Minister P Chidambaram expressed the hope that economic ties with the United States would improve with the re-election of Barack Obama as the US President.

After witnessing some profit-booking in late trades, the Sensex closed with a gain of 85.03 points , or 0.45 per cent, at 18,902.41 – a level closer to 18,938.46 seen on 5 October. 'With the re-election of Obama as US President, the period of uncertainty and anxiety on this issue has ended. The gains in Indian stock indices is a reflection of the optimism that quantitative easing measures would continue under Obama's regime,' said Amar Ambani, Head of Research, IIFL. The NSE 50-share Nifty also firmed up by 35.70 points or 0.62 per cent to 5,760.10. The market breadth was positive as 1,672 shares finished higher.
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