The Hindu : Business : RIL leads rally for second day

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Friday, Nov 03, 2006
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RIL leads rally for second day

MUMBAI: Reliance Industries continued to positively influence the stock market for the second day in a row, with the BSE benchmark index on Thursday rising by 58.08 points to settle at a new peak of 13091.12.

Shares of RIL, which saw brisk buying activity on reports that it has upgraded gas reserves estimates in the KG-D6 block and doubled gas production rate, touched the Rs. 1,300 mark during the session before closing at a new high of Rs. 1,283.60, a rise of Rs. 19.40.

The Bombay Stock Exchange Sensex also touched a new trading high of 13137.74, before profit taking restricted the gains to 0.45 per cent over Wednesday's close of 10033.04. The Sensex has gained 129.42 points or one per cent in two days despite any major trigger in the market. The National Stock Exchange's S&P CNX Nifty improved by 24.15 points to 3791.20.

Brokers attributed the price rally to sustained inflows from foreign institutional investors (FIIs), who reportedly were net buyers in a number of shares at the current levels.

Asian markets were mixed at close. Hong Kong's Hang Seng ended up 261.13 points and Korea's Kopsi by 9.38 points while Japan's Nikkei eased by 25.24 points and Singapore's Straight Times by 6.80 points.

Major contributors to the surge in Sensex were RIL, HDFC Bank, Bharti Airtel, L&T, ONGC, Maruti Udyog, Grasim and HDFC.

Meanwhile, Finance Minister P. Chidambaram on Thursday said that there were no signs of overheating in the economy, while justifying the Reserve Bank of India's decision to hike repo rate by 25 basis points as ``well-intended.''

Sharp gains in ONGC and RIL helped the Oil & Gas index to zoom by 114.02 points or 1.86 per cent to 6252.19. — PTI

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