Sensex gains for third day, RIL rises 3.13%

The BSE benchmark Sensex closed up for the third day running, though only marginally by seven points. The index was helped by a rally in the market heavy Reliance Industries on back of news of joint investments with BP

The BSE benchmark Sensex on Wednesday closed seven points up on the back of a strong rally in market heavy Reliance Industries amid a firming global trend.

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Extending gains for third day in a row, the Sensex rose 7.03 points, or 0.04%, to close at 19,642.75. The gauge had gained over 167 points in last two trading sessions.

Similarly, the broad-based-based National Stock Exchange index Nifty rose by 3.35 points, or 0.06%, to 5,943.05, after moving between 5,971 and 5,937.55.

Brokers said while profit-booking erased most of the day's gains, an upsurge in trend-setter Reliance Industries and software exporting companies kept the market in better tone.

The RIL stocks spurted by 3.13% to Rs. 875.35 following reports of the company plans to invest in next three to five years jointly with UK partner BP to boost declining output at a key natural gas field. The oil and gas sector index gained the most by rising 1.70% to 9,170.01.

A firming trend in the Asian region and higher opening in Europe further influenced the market sentiment to some extent, traders said.

In 30-BSE index components, 11 stocks advanced while 19 closed with losses.

Realty sector index was second best performer by rising 0.77% to 2,134.64 followed by information technology index by 0.60% to 6,591.69.