U.S. election outcome lifts Sensex 101 points

MUMBAI, NOV. 27. An all round buying by speculators and institutional investors on the heels of fresh positive developments in the U.S. presidential election lifted the Sensex by about 101 points on the first day of new account on the Bombay Stock Exchange today.

The news that the market favourite Republican George W. Bush has won Florida's 25 electoral college votes that could make him the president seemed to have well accepted by the operators and they went on buying spree.

A sharp rise in the Sensex could be gauged by smart upsurge in 29 out of 30 index-based scrips. This time the buying was not restricted to any one section as both new as well as old economy shares recorded noticeable gains.

Reflecting the bullish trend, the BSE sensitive index opened with upside gap at 3930.96 against last Friday's close of 3868.34. It later fluctuated in a range of 3972.48 and 3902.10 before closing at 3969.20, registering a handsome gain of 100.86 points or 2.61 per cent.

After getting battered for so many days, a positive turnaround in the Nasdaq composite index which rebounded by over 149 points last Friday and firm closing on the Hong Kong and Tokyo stock markets today also partly boosted the market sentiment.

Breaking their torpor, foreign institutional investors made selective purchases in all segments. Local institutions and funds were also buyers in old economy shares.

Dealers, however, said speculators were somewhat cautious in the light of a host of legal challenges threatened by the democratic rival Al Gore's camp creating yet another veil of uncertainty over the presidential election outcome.

- PTI

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Section  : Business
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