RIL, Infy lift Sensex by 93 pts

IT stocks and Reliance group companies stole the limelight. Firm global markets and figures showing that FIIs have resumed buying on the Indian bourses helped shrug off concerns that arose from forecasts of deficit rains in June-July, the two crucial months of sowing.

Markets across Asia-Pacific proved steady-to-firm due to gains in the US markets on Thursday. Marketmen are betting on strong near-term liquidity due to huge cash inflows of about $1 billion from the Infosys-sponsored ADR issue, which concluded recently. Some of this money is expected to flow into the secondary market.

FIIs have resumed buying on the bourses. FIIs pumped in a net Rs 814.50 crore in four trading sessions between May 30 to June 2.

The BSE Small Cap index jumped 64.52 points or 1.4 per cent to 4,382.20. The BSE Mid Cap index gained 28.70 points or 0.88 per cent to 3,298.56.

RIL jumped 4.38 per cent to Rs 552.90. RIL has a huge weightage of 10 per cent in the Sensex. RIL contributed to almost one-third of the Sensex’s rise.

The rise follows reports that the feuding Ambani brothers were likely to reach a settlement within a week. This set off a jump in RIL and other Reliance Group scrips. Reliance Energy gained 3.26 per cent to Rs 530.