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Stocks bet on a surprise

Mumbai, Aug. 4: The benchmark indices today closed with sharp gains on hopes that the RBI had a pleasant surprise in store for tomorrow’s monetary policy.

Rate sensitive stocks led the rally in which the BSE Sensex gained 242 points and the Nifty rose 81 points.

Market sources added that global factors also helped to create a positive investor sentiment.

The 30-share BSE Sensex opened on a strong note at 25631.68 on global cues and hit a day’s high of 25754.42 before closing at 25723.16, a rise of 242.32 points or 0.95 per cent — its biggest gain since July 22. Today the Nifty shot up 81.05 points, or 1.07 per cent, to end at 7683.65.

Brokers said the gains in equity values came on hopes that the RBI might offer some relief to banks through liquidity infusing measures in the monetary policy. However, investors are not expecting a reduction in the repo rate.

At the global level, while crude prices eased, reports of the Portuguese central bank announcing a plan to rescue Banco Espirito Santo also contributed to the rally.

 
 
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