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Sensex ends up 200 pts,Reliance leads

A mixed pattern in Asia and a higher opening in Europe influenced the trading sentiment.

Written by Agencies | Mumbai | Published: June 28, 2010 8:54:32 am

The Bombay Stock Exchange benchmark Sensex gained nearly 200 points on buying in blue-chips,led by Reliance group stocks.

A mixed pattern in Asian stock markets and a higher opening in Europe this afternoon influenced the trading sentiment here after the G-20 group of nations promised to boost growth,cut deficits and stabilise markets.

The Sensex,which had lost 180 points in the last two trading sessions,bounced back to close 199.73 points higher at 17,774.76 as heavy-weight stocks of Reliance Industries,Reliance Communication and Infosys Technologies surged.

The broad-based National Stock Exchange index Nifty rose by 64.45 points to 5,333.50 as state-run refinery stocks continued their rally on the back of the government’s move to free subsidised petrol prices and raise other fuel prices on Thursday.

Stocks of Reliance Industries,which have the maximum weightage on the index,shot up by Rs 24.75 to Rs 1,088 following reports of a seventh oil discovery by the company in Gujarat,which might boost revenue in light of the hike in fuel prices.

Shares of Reliance Communications,the nation’s second-largest wireless carrier,rose by Rs 8.95 to Rs 201.45,the highest in eight months,after it sold its telecom towers business to GTL Infrastructure.

Infosys Technology,the second largest software exporter,shot up by Rs 26.60 to Rs 2,804.35 on attractive fundamentals.

These three stocks carry nearly 25 per cent weightage on the Sensex.

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