Markets remain firm; Sensex gains 202 pts at 14,421
The Bombay Stock Exchange benchmark Sensex today rose by nearly 202 points to close at 14,421 on emergence of buying by funds in heavy-weight stocks.business Updated: Jun 26, 2008 16:44 IST
The Bombay Stock Exchange benchmark Sensex on Thursday rose by nearly 202 points on emergence of buying by funds in heavy-weight stocks led by Reliance Industries and ONGC, amid participants covering their long pending positions.
The 30-share index, Sensex, which gained 113 points on Wednesday, shot up by 201.75 points at 14,421.82, after touching the day's high of 14,449.81 and a low of 14,196.68.
The rising trend gathered momentum as market participants indulged in covering their long pending positions following the end of June contract in the derivatives segment.
The wide-based National Stock Exchange index Nifty rose by 63.20 points at 4315.85, after touching the day's high of 4,324.75 and a low of 4,230 points.
Oil and refinery sector gained the most, up by 265.82 points at 9677.38 after the Sensex-heavy Reliance Industries and ONGC stocks surged on favourable corporate reports.
Reliance Industries rose the most in more than a month after exploration partner Niko Resources forecast higher-than -estimated natural gas reserves in a major field. RIL stocks rose by Rs 103.90 at Rs 2,239.25.
ONGC stocks rose by Rs 6.35 at Rs 870.35 after its subsidiary ONGC Videsh divulged plans to invest 155 million dollars in the first phase of exploration in an area in Trinidad. GAIL rose by Rs 12.55 at Rs 363.35 and Reliance Petroleum by Rs 3.15 at Rs 173.55. All these stocks carry nearly 25 per cent weightage on the Sensex.