Sensex surges 371 points, oil fuels rally, RIL shines | business | Hindustan Times
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Sensex surges 371 points, oil fuels rally, RIL shines

business Updated: Dec 20, 2013 23:21 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The Sensex zoomed by 371 point, or 1.8%, to end at 20,080 on Friday, charged up by a smart hike in gas prices that powered shares of petroleum giant Reliance Industries Ltd (RIL). It was the biggest gain for the index since the 388-point rise on November 25. Over the past week, the Sensex has gained 364 points.

The broader NSE Nifty also rose 108 points, or 1.7%, to 6,274.

“Benchmarks (indices) ended the week higher, buoyed by the Reserve Bank of India’s decision to hold rates and despite the higher-than-expected amount of taper announced by the US Fed,” said Dipen Shah, head, private client group research, Kotak Securities.

The top Sensex gainers included RIL (up 4.6%), ONGC (up 3.9%), Wipro (up 3.6%) and Mahindra & Mahindra (up 3.4%).

Sugar sector stocks were also in the spotlight after the government on Thursday decided to provide interest-free loan to cash-starved sugar millers to pay sugarcane farmers, with comapnies including Dhampur Sugar gaining by 2% and Shree Renuka up 1%.

Among the sectoral indices, oil & gas rose 3.8%, followed by realty (up 2.8%), auto (up 2.0%), bankex (up 1.8%) and IT (up 1.7%).

On the BSE, 1,522 shares gained while 991 fell and 158 remained unchanged.

Domestic factors including inflation and IIP numbers will further guide markets, analysts said.

“With the two major decisions by central banks out of the way, markets will now be guided by further announcements of the taper and implementation of the same, political expectations and corporate performance,” said Shah.

Meanwhile, the rupee also recovered after three days of declines to close 10 paise higher at 62.04 against the dollar.