Sensex opens 107 points higher on fresh buying
The Bombay Stock Exchange benchmark Sensex today opened over 107 points higher, with stocks led by RCom staging a comeback on emergence of buying by funds.business Updated: Jun 28, 2010 11:31 IST
The Bombay Stock Exchange benchmark Sensex on Monday opened over 107 points higher, with stocks led by RCom staging a comeback on emergence of buying by funds.
The 30-share index, which had dipped by over 1,805 points in the previous two sessions, recovered by 107.43 points, or 0.61 per cent, at 17,681.96 points.
The broad-based National Stock Exchange index Nifty gained 32.30 points, or 0.61 per cent, to 5,301.35.
Brokers said revival of buying by funds and retail investors, after remaining sellers over the past two sessions, influenced the trading sentiment.
Stocks of RCom traded almost 6 per cent higher at Rs 204.75 after the company announced a Rs 50,000-cr deal to merge its telecom tower business with GTL infrastructure, a move that would help it to cut its debts by more than half.
GTL Infrastructure shares shot up by 6.28 per cent to Rs 48.20 after rising to Rs 54.40.
Among other gainers Reliance Infra rose by 1.02 per cent to Rs 1,180, Reliance Industries by 0.40 per cent to Rs 1,067.50, ONG Corp by 1.98 per cent to Rs 1,289, Larsen and Toubro by 0.78 per cent to Rs 1,775, Infosys Technologies by 0.12 per cent to Rs 2,781 and Tata Steel by 0.77 per cent to Rs 493.80.
Oil and Gas sector index was up by 1.27 per cent at 10,738.98 on the hike in fuel prices announced last week. Stocks of IOC rose 5.49 per cent to 396, that of HPCL 5.32 per cent to 422.40 and BPCL climbed up 2.31 per cent to 635.70.