Markets End on a Positive Note

Indian markets ended in the green after surging in late trades. Buying in Reliance and Bharti Airtel buoyed the BSE benchmark index to a high of 18,932. The index finally ended at 18,871- up 149 points. Nifty ended up 46 points at 5,680. Reliance edged up 1 per cent after the government approved the BP deal. The Centre on Friday gave an unconditional approval to the India's biggest private sector company, to sell 30% interest in 21 blocks to British Petroleum. The government, however, withheld permission for another two blocks. Meanwhile, the company is scheduled to announce its June quarter results today. On the global front, Asian bourses slipped today as debt worries continued to plague investor sentiments in the US. US leaders failed over the weekend to agree to raise the nation's debt ceiling ahead of a deadline on August 2,2011, giving rise to fears of a sovereign default. The global financial crisis, which was rooted in poor regulation of the US housing and banking sectors, already tarnished perceptions of the United States overseas. Shanghai Composite slumped 3% to 2,688. Nikkei and Hang Seng declined nearly 1% each. India markets will look at the RBI policy review and the ongoing results season for direction. The BSE market breadth was positive. Out of 3,004 stocks traded, 1,605 advanced while 1,277 declined.