Markets have zoomed high in the trades on Friday, after the government at the centre obtained support from the Samajwadi Party, for its survival. The Sensex zoomed up by 447 points at 18,796 – after touching a high of 18,866 earlier in the day. The Nifty moved up 137 points at 5,691.
BSE bankex had gained nearly 4% to touch a value of 13,021. Other indices in the rallying phase were Power, capital goods, metal and PSU indices.
Financials led the rally with ICICI Bank and HDFC. BHEL has jumped 5% to Rs 229. SBI, Mahindra & Mahindra and Tata Power are up 4% each. Among other key gainers are Bharti Airtel, Tata Steel, Larsen & Toubro and ITC.
Jet Airways is up 1.3%, Spice Jet has jumped 2.5% while Kingfisher has soared 4.3% respectively.
PM addresses the Nation
Prime Minister Manmohan Singh on Friday in his address to the nation said that the recent decisions that were taken by his government were necessary in order to revive investor confidence domestically and globally.
“We are at a point where we can reverse the slowdown in our growth. We need a revival in investor confidence domestically and globally. The decisions we have taken recently are necessary for this purpose.”
“No government likes to impose burdens on the common man… At the same time, it is the responsibility of the government to defend the national interest, and protect the long term future of our people,” Singh said.
“We have much to do to protect the interests of our nation and we must do it now. At times, we need to say ‘no’ to the easy option and say ‘yes’ to the more difficult one. This happens to be one such occasion. The time has come for hard decisions,” he said, adding, “for this, I need your trust, your understanding and your cooperation.”