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India Inc cheers as BJP-Left- TMC protest

Mumbai, Sep 15 () : Even as India Inc and Dalal Street is heaping praises on the turbaned unassuming PM Manmohan Singh, the BJP, Left and right-wing TMC has decided to take on the Congress over FDI and diesel price hike.

No sooner the cabinet decision was announced, those holding stocks in listed companies gained around Rs 95,000 crore as the buying of scrips doubled and it increased more after US Fed announced it would put forth a package that would bring back its economy to normal.

In coordination with the global markets, the Bombay Stock Exchange yesterday was up by 443.11 points, an increase of 2.46% to close at 18,464.27. This translated in terms of money for stock holders who were holding on Rs 63.63 lakh crore.They saw it go spiralling to Rs 95,436.89 crore, a bonanza that was never expected.

Stock brokers saw that such figures were last seen on July 26, 2011 when it closed at 18,464.27 which means yesterday’s points were the highest in the past 14 months.

There was a 2.62 % increase to close at 5.577.65 which means a rise of 142.30 points in the Nifty yesterday. Auto, petro products and capital goods saw a jump of 3% while shares of metal, real estate and banks rose by 5% in the BSE.

With the US deciding to pump money into the system by the monthly mortgage debt and the news of FDI in retail and aviation, Indians went berserk in BSE buying stocks like never before. Trade markets revived after the UPA Government took the bold step to up the diesel price by Rs 5.63 a litre and clamp on LPG cooking gas which would help in bringing down the import deficit marginally.

The UPA, ridden with allies like TMC and a cat on wall DMK and NCP were blamed for a policy paralysis but with the cabinet deciding to ignore these elements and pushing forward the ‘reforms’ has shown that it has started its walk towards the 2014 elections, say analysts.