The Hindu : Business : Sensex up 71 points

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Thursday, Nov 02, 2006
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Business

Sensex up 71 points

MUMBAI: A sharp rise in Reliance Industries' shares helped pull the stock market benchmark Sensex back to the 13K level, as the index closed the day up by 71.14 points at a new peak of 13,033.04.

RIL spurted by Rs. 38 to close at an all-time high of Rs. 1,264.20, contributing 42 points to the Sensex rally even as there was a slowdown in foreign institutional investment inflows. After a brief pause on Tuesday, the Sensex fluctuated in a narrow range of 13,050.73 and 12,937.30 on alternate bouts of buying and selling before closing with a 0.55 per cent gain over Tuesday's close of 12961.90. The National Stock Exchange's S&P CNX Nifty advanced by 22.95 points to 3767.05. Sentiment was aided by encouraging trend in Asian markets.

Crediting a sharp rally in RIL to a report that the company will invest $5.2 billion to double the output from its prolific D6 block in Krishna Godavari basin to 80 million standard cubic metres a day, brokers said the market was expected to stabilise only after a downward correction.

Bharti Airtel also scored handsome gains on the company's $400 million network outsourcing deal with Nokia.

— PTI

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