The Hindu : Business : RIL in limelight, Sensex up 65 points

Online edition of India's National Newspaper
Friday, Jun 25, 2004

Business

Business

RIL in limelight, Sensex up 65 points

MUMBAI, JUNE 24. Led by petro major, Reliance Industries, some of the top heayweights rallied on Bombay Stock Exchange on Thursday due to hectic shortcovering by operators and foreign funds and reversed the four-session losing streak. The Sensex recovered by 64.55 points at close to 4708.55.

Reliance, were the star performer on news that the company has struck gas off Orissa coast in Bay of Bengal and also in an onshore block in Yemen, in which the company has a 25 per cent stake, dealers said. The company has also acquired European polyester firm Trevira GmbH for 80 million euros.

Shortcovering on the last day of June contract today, mainly turned the table in favour of bull operators. Other heavyweighted counters such as Infosys, SBI, HLL, Hero Honda, HDFC Bank, ITC, Ranbaxy, MUL, ONGC, Wipro and Tisco were also in focus and finished with smart gains.

The BSE-30 share sensitive index opened firm at 4656.81 against yesterday's close of 4644 and moved in a range between 4717.74 and 4613.94 before ending at 4708.55, a smart rise of 1.39 per cent.

Firm global advices also partly aided the uptrend. On the Wall Street, the Dow Jones industrial average and the Nasdaq composite index rose by 84.50 points and 26.83 points yesterday respectively. The Southeast Asian markets also ended firm. The Nikkei was up 163.59 points, the Hang Seng by 313.91 points and the Singapore ST Index by 4.83 points.

— PTI

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