RIL helps Sensex land in positive terrain
A significant surge in the shares of Reliance Industries (RIL), propelled the benchmark Sensex to end in positive zone in the week under review.business Updated: Sep 15, 2007 15:05 IST
A significant surge in the shares of petro-chemical heavyweight, Reliance Industries (RIL), propelled the benchmark Sensex to end in positive zone in the week under review.
RIL stocks recorded 3.73 per cent gains, soaring to historic high of 2069.50 on government's approval of its gas pricing formula and the company's plans to enter ship-building and dredging business.
However, fierce opposition to the Indo-US nuclear deal by the key left allies of the UPA government, fears of US economic recession precipitated by its sub-prime crisis, remergence of worries over the mortgage problems in UK and steep fall in industrial production lent uncertainty to the market.
Foreign Institutional Investors (FIIs) remained net buyers during the week, pumping in nearly USD one billion this month, which provided the required buffer to the market.
Realty, banks, auto and cement counters registered remarkable gains at the fag end on expectations of interest rate cut at home following reports of rate cut by US Federal Reserve in the next week meeting.
BSE 30-share barometer, Sensex, swung between 15,824.65 and 15,363.53 before concluding the week at 15,603.80, a net rise of 13.38 points or 0.09 per cent over the last weekend's close of 15,590.42.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) improved further to end the week at 4,518.00 from last weekend's close of 4,509.50.
First Published: Sep 15, 2007 15:00 IST