Sensex continues gaining spree, rises 154 points
On the back of a rally in Reliance Industries and Larsen & Toubro, the Bombay Stock Exchange benchmark Sensex on Thursday rose by 154 points to complete seven days of straight gains.business Updated: Jun 17, 2010 18:00 IST
On the back of a rally in Reliance Industries and Larsen & Toubro, the Bombay Stock Exchange benchmark Sensex on Thursday rose by 154 points to complete seven days of straight gains.
The Sensex, which has gained 846 points in the last six trading sessions, advanced further by 153.82, or 0.88 per cent, to 17,616.69 on sustained buying by funds, triggered by a firming global trend.
Similarly, the broad-based National Stock Exchange index Nifty rose by 41.50 to 5,274.85, while the Nifty in the futures and options segment closed at premium of 0.20 per cent, suggesting that the market sentiment is becoming increasingly bullish.
The surge was supported by reports of a better trend in European stock markets on easing sovereign debt concerns in the eurozone, though trading was mixed in the Asian region. The trading sentiment also improved on reports that food inflation dropping marginally to 16.12 per cent for the week ended June 5, raising hopes that prices might go down further, as indicated by Finance Minister Pranab Mukherjee.
In the 30-BSE index components, 23 stocks closed with gains and seven ended with losses. Reliance Industries rose by Rs 13.95 to Rs 1,071.30 and well-diversified company Larsen and Toubro by Rs 56.75 to Rs 1,775.40. The two cumulatively carry nearly 21 per cent weightage on the index. Reliance Communications, the second-largest mobile phone operator, climbed to its highest level in five months by adding Rs 4.30 to Rs 191.35. The capital goods sector index gained the most, rising 1.78 per cent to 14,462.22, followed by the oil and gas sector index by 1.33 per cent to 10,408.18.
In the refinery sector, besides Reliance Industries, shares of Oil and Natural Gas Corp, the largest state-run oil explorer, gained 1.82 per cent to Rs 1,184.30 as Deutsche Bank rated the scrip as well as GAIL India as "buy." GAIL, a leading gas distribution company, shot up 2.45 per cent to Rs 474.55.