The Hindu : Business : RIL perks up Sensex

Online edition of India's National Newspaper
Friday, Aug 25, 2006

Business

Business

RIL perks up Sensex

MUMBAI: Bolstered by a sharp rise in the top heavyweight and petro-chem giant Reliance Industries Limited (RIL), the Bombay Stock Exchange bellwether Sensex not only snapped a two-day losing streak but also flared up by 125 points to close at 11531.95 on fresh bouts of buying.

Dealers attributed the initial weakness to negative global advices, but later foreign funds, which were consistent sellers in derivatives for the last few days and slowed down their activities in the cash segment, turned heavy buyers in blue chip counters which turned the table in favour of bull operators.

The 30-share sensitive index (Sensex) opened with a downside gap at 11367.74 against Wednesday's close of 11406.65 and immediately touched a low of 11297.23. Later, emergence of buying in refinery, metal and auto stocks lifted the Sensex to the day's high of 11566.89, before concluding at 11531.95, a sharp rise of 125.30 points or 1.10 per cent.

On the National Stock Exchange, the S&P CNX Nifty rose by 34.60 points or 1.04 per cent to 3370.40.

Meanwhile, on the Wall Street, the Dow Jones Industrial Average and the Nasdaq Composite Index dropped by about 42 points and 15 points respectively on Wednesday, while most of the Asian markets displayed a weak trend at close on Thursday.

World oil prices plummeted below $72 a barrel on news of a surprise increase in U.S. gasoline reserves and calls by Iran for talks to resolve its nuclear standoff, impacting positively on refinery and auto counters.

Trading volume improved to Rs. 3,165.93 crore from Rs. 2,998.25 crore. RIL clocked the highest turnover of Rs. 302.17 crore. — PTI

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