E-Paper
RIL to see hectic activity tomorrow
Brokers feel the Reliance settlement will be positive for share market and Sensex is likely to cross 7,000 mark.
Having ticked 52-week high of Rs 600.85 a share on Friday, the flagship entity RIL's counter is set to witness hectic activity on Monday, amidst speculation that BSE Sensex may pierce the magic 7,000 figure.
"It is quite positive that Sensex might cross 7,000 mark in the first session after Reliance Industries' settlement," a Delhi-based broker A Aggarwal exuded confidence.
Because of the heavy weightage on the key BSE Sensex, even a Rs 25 per share increase might make it quite possible for index to cross the 7,000 mark, another broker V Goel said.
Both said the market would remain bullish for the major part of the next trading week and there were chances of RIL shares hitting the upper circuit.
Another broker said the settlement would be positive for the markets and Sensex was expected to cross 7,000 mark, at least in intra-day trading, depending on other market forces.
A section of the market also feels that there could be stiff resistance for the markets to rally past 7,000 mark since oil prices have soared to 59 dollars a barrel, affecting the sectors across the board.
With Reliance finally clearing the air on "ownership" issues, Ratnesh Gupta, an investor in RIL, said, "the stock will now find its real value."
Seven-month long raging fire between Ambani brothers, which got doused on Saturday, notwithstanding, RIL investors had neatly pocketed near about Rs 10,000 crore since Mukesh broke the "ownership" issues in November 18, 2004.
