RIL, Tata give the fillip

STOCK REPORT

Shares recouped intra-day losses to end up 1 per cent on Thursday, on buying in index heavyweights Reliance Industries and Tata Steel. Recovery in European markets also lifted sentiment, dealers said.

The Sensex ended at 11531.95, up 125.30 points or 1.1 per cent over Wednesday, after moving between 11297.23 and 11566.89 intra-day.

The BSE Oil and Gas Index, up 3 per cent, was the top gainer among BSE indices as oil retailers gained on fall in crude oil prices.

The Nifty ended at 3370.40, up 34.60 points or 1 per cent, after moving between 3304.85 and 3379.55 intra-day.

Combined turnover on the exchanges was roughly Rs 9,900 crore, against Rs 8,940 crore on Wednesday.

On the BSE, advances outnumbered declines 1.2:1.

"Thursday's session was a mix of buying and some amount of short covering towards end of the session ahead of the derivatives expiry (on August 31)," a dealer said.

Asian markets ended down on Thursday following weak US housing data, which fuelled concerns over a slowdown in the US economy. Buying by funds in index heavyweight Reliance Industries also bolstered sentiment, dealers said. Reliance Industries surged up 4 per cent to Rs 1,107.

Indian Petrochemicals Corp rose 6 per cent on the Nifty after crude oil prices fell to $71.66 a barrel on hopes the unrest in Nigeria, Africa's biggest crude oil producer, would decline after militants freed six foreign hostages on Thursday.

A report that showed US gasoline consumption was declining also boosted sentiment, dealers said.

Among BSE indices, BSE Metal Index staged a sharp comeback midway and ended up 2 per cent.

Hindalco Industries ended up 4 per cent at Rs 168 and Tata Steel up 2 per cent at Rs 517.5.

ABB, down 1 per cent at Rs 2,741, was the worst hit on Nifty due to profit sales, dealers said.

ONGC, down 0.8 per cent at Rs 1,189, was the other major loser.