Sensex climbs 172 pts as RIL stocks lead rally
BSE-30 share index, Sensex, flares up by another 172.40 points, or 1.22 per cent to close the session at 14,299.71.business Updated: May 17, 2007 16:35 IST
The benchmark Sensex climbed over 172 points on Thursday on the Bombay Stock Exchange, following a strong rally in Reliance Industries, State Bank of India and other heavy-weight stocks on sustained buying by funds due to firmness in global markets.
The BSE-30 share index, Sensex, which had gained almost 198 points on Wednesday, flared up by another 172.40 points, or 1.22 per cent to close the session at 14,299.71. It had touched the day's high of 14,352.98 points earlier in the session.
Similarly, on the wide-based National Stock Exchange, Nifty regained 4,200 points to hit day's high of 4232.45 points before settling 48.60, or 1.17 per cent higher at 4,219.55.
Stock brokers said reports that Reliance Industries, the most valuable company in the private sector, has made two gas discoveries in separate blocks off the East and West coasts of the country, buoyed the trading sentiments.
RIL stocks, maintaining their upward journey, soared to another new high of Rs 1,688.15 before concluding at Rs 1684.85, still showing a rise of Rs 50.45, or nearly 3 per cent.
State-run refiners' stocks such as BPCL, HPCL and IOC also remained in buyers' fancy on expectations of a hike in their product prices.
Other stocks which also contributed to the rise in Sensex were State Bank of India, ICICI Bank, ONGC, Reliance Capital, Reliance Communication and Larsen and Toubro.