RIL nudges Street into green

STOCK REPORT

Key share indices recouped losses and ended up 0.3 per cent on Tuesday in a volatile session amid buying in heavyweight Reliance Industries.

"There was short covering in Reliance Industries and this helped the market close in the positive zone. Buying in Oil and Natural Gas Corp and Tata Steel also lifted indices," a dealer said.

Market fell 1 per cent at midday, with the Bombay Stock Exchange's 30-share Sensex slipping below 14000, for the first time since May 16, on heavy profit-booking.

Sentiment was largely unaffected by India's industrial production data, which expanded 13.6 per cent in April from 9.9 per cent a year ago, and above the estimated 11.1 per cent.

The Bombay Stock Exchange's 30-share Sensex ended at 14130.95, up 47.54 points, or 0.3 per cent from Monday. Intraday it moved between 13946.99 and 14153.44.

The National Stock Exchange's 50-share Nifty closed at 4155.20, up 9.60 points, or 0.2 per cent. Intraday it moved between 4100.80 and 4166.85.

Turnover on BSE and NSE combined was roughly Rs 15,850 crore, compared with Rs 13,200 crore on Monday.

The CNX Midcap Index ended down 0.7 per cent while S&P CNX 500 Index shed 0.1 per cent.

Shares of Reliance Industries ended 2.5 per cent up at Rs 1,708 on news it will finalise the pricing for KG Basin D6 Block gas. Gains in ONGC, which rose 1 per cent at Rs 861, also provided support to the market.

Tata Steel gained 5 per cent at Rs 608 on talk that Corus Group Plc had hiked steel prices, dealers said. Steel Authority of India gained 4 per cent at Rs 132.

Cement shares also rose on value buying, after witnessing a correction of almost 7-10 per cent last week. ACC, up 5 per cent at Rs 803, was the top Nifty gainer. Grasim Industries was up 2 per cent at Rs 2,390.

Shares of state-run oil marketing companies rose on reports the government will consider raising the prices of petrol and diesel by mid-July due to increase in global crude oil prices.

Bharat Petroleum Corp rose 2.5 per cent at Rs 347 while Hindustan Petroleum Corp gained 1 per cent at Rs 277.

Larsen & Toubro ended up 1 per cent at Rs 1,907 after it won orders worth Rs 990 crore.