The Hindu : Business : Sensex gains 92 points to close at 7076

Online edition of India's National Newspaper
Wednesday, Jun 22, 2005

Business

Business

Sensex gains 92 points to close at 7076

Special Correspondent

Reliance group shares provide the trigger; technology and power sectors fuel rally

MUMBAI: The Reliance group shares are still in the limelight as the benchmark index closed at 7076.52, a new all time closing high. Buying in auto, technology, commodity and power sector stocks also fuelled the rally. Selective buying was witnessed in telecom, banking and energy stocks.

Settlement in Reliance group, continued buying by foreign institutional investors, arrival of monsoon in most parts of India and participation of retail investors boosted the overall sentiment. The Bombay Stock Exchange 30-share sensitive index (Sensex) gained 91.97 points on Tuesday at 7076.52 against the previous close of 6984.55. The NSE Nifty ended at 2170, up 25.65 points.

"The market was waiting for a trigger and the Reliance group provided that. It's a gradual move and I still don't see sign of any euphoria, which is normally the time when one should be careful. The uptrend was mixed and broad-based," said Abhay Aima, Country Head, Equities, HDFC Bank. However, he said global oil prices and monsoon were a concern for the market.

The turnover on the BSE was lower at Rs. 2,702.57 crore against Monday's Rs. 3,226.48 crore. However Reliance stocks dominated the turnover chart on fresh buying. Reliance Industries emerged as the top traded counter in terms of turnover. It touched a 52-week high of Rs. 648.90 before closing at Rs. 645.90, up Rs. 15.50 or 2.46 per cent with a volume of 64.07 lakh shares.

The share price touched an intra-day low of Rs. 615.20. Indian Petrochemical Corporation (IPCL) closed at Rs. 169.10, up Rs. 1.50 with a volume of 25.98 lakh shares. The share touched an intra-day high of Rs. 173.45 and a low of Rs. 167.25.

However, the Anil Ambani-controlled Reliance Energy, Monday's star performer, closed at Rs. 655.30, down Rs. 2.95 (12.53 lakh shares).

It touched an intra-day high of Rs. 677 and a low of Rs. 650. Reliance Capital closed at Rs. 289.45 down Rs. 4.75 or 1.61 per cent with a volume of 75.83 lakh shares.

The share touched an intra-day high of Rs. 300 and a low of Rs. 285.55.

Among auto stocks, M&M and Bajaj have already given a 25 per cent return in the past month.

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