New Delhi: Amid possibility of Manmohan Singh taking over as the Prime Minister, stock markets today (May 19, 2004) zoomed with the BSE Sensex crossing the psychological 5000-mark within minutes of opening of trading.

Stock markets picked up amid news of Singh, Finance Minister in the Narasimha Rao Government in 1991 and known as the architect of economic reforms, emerging as the Prime Ministerial candidate, an indication that economic reforms are here to stay.

Oil PSUs (Public Sector Undertakings) like HPCL (Hindustan Petroleum Corp Limited), BPCL (Bharat Petroleum Corp Limited), Indian Oil and others witnessed sharp gains in the first 30 minutes of trading.

The market had gained momentum last evening itself when there were reports of Singh assuming the office of Prime Minister instead of Congress President Sonia Gandhi.

ONGC (Oil and Natural Gas Corp) recovered by Rs 35.75 to Rs 675, HPCL went up to Rs 322.50 and IOC was up by Rs 19.45 at Rs 370.

Among the banking sector, SBI was up by 19.40 at 510.55. Reliance was ruling at Rs 460.25 up by 6.13 per cent from the previous closing.

In the IT sector, Infosys gained Rs 63.25 at Rs 4950 and Wipro by Rs 17.90 at Rs 1561.50.