The Hindu : Business : Sensex up 110 points

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Wednesday, May 30, 2007
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Business

Sensex up 110 points

MUMBAI: Led by heavyweight refinery giant Reliance Industries (RIL), the Sensex ended past 14500 on Tuesday, rising by about 110 points. The 30-share Sensex closed at 14538.90 on February 9, and thereafter, touched a closing low of 12415.04 on March 5.

The market, however, witnessed high volatility owing to the approaching expiry of May contract in derivatives as operators and retail investors rolled over their outstanding positions to the new series.

After erratic movements in the initial stages, the Sensex gradually moved upward to 14530.15 before ending at 14508.21 over Tuesday's close of 14397.89. The S&P CNX Nifty climbed further to a new peak and touched a high of 4298.85 before ending at 4293.25, netting a gain of 36.70 points or 0.86 per cent over Monday's close of 4256.55.

Attributing sustained volatility to squaring up and roll over of positions to the next series, market players said. Heavyweights such as Reliance Industries and BHEL contributed immensely to the Sensex's dramatic rally.

Other prominent gainers include HDFC Bank, L&T, SBI, Grasim, Reliance Comm and Bharti Airtel. Infosys Tech, HDFC, ITC and ICICI Bank, however, recorded moderate losses following selling pressure. Investors were heavy buyers in public sector engineering major BHEL ahead of the record date for a liberal 1:1 bonus issue. Reflecting a sharp rise in BHEL, the BSE-CG Index jumped by 297.76 points to 10896.14. — PTI

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