ISAS Briefs

As the curtains came down on an action-packed two-day session of the Indian Parliament with the United Progressive Alliance (UPA) government surviving a close trust vote, the stock market erupted with joy. On 23 July 2008, the day after the trust vote, the benchmark Sensex at the Bombay Stock Exchange gained 838 points (almost six percent) in a single day's trade. The Nifty at the National Stock Exchange also responded in an equally robust manner. The signals emanating from the rally were loud and clear. Industry and business were ecstatic at the outcome of the trust vote.