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Reliance pulls Sensex to record close

Remaining weak for the most part of the day, the markets recovers as the heavyweight Reliance pack rebounds from lower levels. Vyas Mohan reports.

business Updated: Jan 02, 2008 19:49 IST
Vyas Mohan
Vyas Mohan
Hindustan Times

The benchmark Sensex of the Bombay Stock Exchange scaled another peak on Wednesday, ending the day at 20,486.99 points, up by 186 points or 0.92 per cent. The index hit an all-time intra-day high of 20,529 points, before settling 42 points lower from that level.

The broader Nifty of the National Stock Exchange ended the day higher by 35.05 points, or 0.57 per cent, at 6,179.40 points.

Remaining weak for the most part of the day, the markets recovered as the heavyweight Reliance pack rebounded from lower levels on reports that the Rs 11,000-crore initial public offering of Reliance Energy-owned Reliance Power is set to open between January 15-18. The issue was graded 4 out of 5 by rating agency Crisil.

However, though broad equity markets are yet to shrug off the post-holiday season dullness, small-cap stocks are brimming with activity. Though the benchmark indices ended meager gains or losses in the recent trading sessions, several small-cap stocks hit upper circuits. And that, according to analysts, is a reason to worry.

While 942 stocks got locked in the upper circuit on Wednesday, the count was much higher in the previous two sessions. Major gainers on Wednesday included Simmond Mars (up Rs 19 or 20 per cent at Rs 114), Batliboi (up Rs 21.45 or 20 per cent at Rs 128.70) and BSEL Infra (up Rs 18.50 or 20 per cent at Rs 128.70).