BSE Sensex up 1.7 percent as Reliance stock surges
India's prime stock index, the BSE (Bombay Stock Exchange) Sensex, climbed 1.7 percent or 301.50 points, Monday, to 17,650.57, with 26 components rising, riding on the wave of renewed confidence of investors who are looking forward to a positive budget being announcement by the Central Government.
On Monday, the Sensex opened up 1 percent at 17,524, but fell as much as 1.2 percent to 17,138, dragged down by weak global cues and concerns over the economic slowdown in the US.
However, a strong rally by Sensex heavyweight, Reliance Industries Ltd (RIL), pulled the Sensex up to a high of 17,674 and helped it to finally settle at a comfortable level.
Reliance Industries, which accounts for about 15 percent of the main index, added 5 percent to Rs.2,551.70 on strong buying by institutional investors.
India's largest private sector bank, the ICICI Bank recovered from early falls to close almost 1 percent up at Rs.1,110.05, while State Bank of India (SBI) ended 0.6 percent up at Rs.2,127.55.
Reliance Power, which made a dismal debut early this month, rose 8.1 percent on Monday to its highest close at Rs.450.40 after the company announced a 3-for-5 bonus share issue to boost shareholders' confidence.
Parent company Reliance Energy moved up nearly 4.5 percent to Rs.1,623.
Maruti Suzuki and Wipro rallied over 4 percent each to Rs.798 and Rs.440, respectively.
NTPC and Satyam gained 2.7 percent each at Rs.203 and Rs.450, respectively.
Hindalco and Ranbaxy moved up 2.5 percent each to Rs.197 and Rs.420, respectively.
- 1 Humble and romantic Hugh Jackman is the "Sexiest Man Alive"
- 2 Roger Federer meets fans in Malaysia
- 3 UNs most artistic "Room XX" unveiled
- 4 Holly-Bollywood stars at the grand opening of "Atlantis" of Dubai
- 5 Dubai mega resort "Atlantis" lavish opening party
- 6 Layoffs to have "limited" impact on India: Citigroup
- 7 Attractive "Megan Fox" in hot pink dress
- 1 PM bats for 8 percent economic growth, slams divisive politics
- 2 Nokia E63 smartphone - a BlackBerry killer?
- 3 Citigroup's South Asia chief Sanjay Nayar quits bank to head KKR India
- 4 Inflation falls to 8.90 percent, rate cuts seen
- 5 FinMin's suggestion of price cut to spur demand growth not in sync with India Inc.
- 6 India beat England in 3rd ODI, thanks to weather gods
- 7 Layoffs to have "limited" impact on India: Citigroup
- 1 PM bats for 8 percent economic growth, slams divisive politics
- 2 Sensex plunges 323 points to lowest close in over 3 years on panic selling
- 3 Inflation falls to 8.90 percent, rate cuts seen
- 4 FinMin's suggestion of price cut to spur demand growth not in sync with India Inc.
- 5 Indian govt. to stimulate economic growth, FinMin urges price cuts
- 6 Sensex slips 163 points on weak global cues, investors wary
- 7 Sensex slips 354 points, closes below 9000-mark as recession fears grip market
|
|
