ONGC, RIL push up key indices

STOCK REPORT

Key indices ended at all-time closing highs, led by heavyweights Oil and Natural Gas Corporation (ONGC) and Reliance Industries (RIL).

BSE Oil and Gas Index, up 1.4 per cent, was the top gainer among the BSE indices. The Sensex ended at 13091.12, up 58.08 points over Wednesday's close, after moving between a low of 13014.65 and a high of 13137.74 intra-day.

The Nifty topped 3,800 for the first time before closing at 3791.20, up 24.15 points. It saw a low of 3761.90 and a high of 3805.50.

Combined turnover on the exchanges was roughly Rs 11400 core , against 11900 crore on Wednesday. The CNX Midcap and S&P CNX 500 indices ended up 1 per cent each. On the BSE, declines evened advances 1:1. "The activity in markets was due to Reliance and ONGC. Otherwise trade was lacklustre," a dealer said.

ONGC, up 4 per cent at Rs 836, was the top Nifty gainer on reports that OVL may acquire stake in one block each in Iran and Angola from Norway's Norsk Hydro. On the other hand, ONGC Videsh has offered stake to Norsk Hydro in two deep-water blocks in Cuba.

Reliance Industries was up 1 per cent at Rs 1,275 after the company on Wednesday increased development investment in D6 Block in the Krishna-Godavari Basin to Rs 23,000 crore from Rs 8,000 crore.

Siemens India, up 3 per cent at Rs 1,264, was the other major Nifty gainer. The stock today ended at a 52-week-high.

Videsh Sanchar Nigam, down 2.3 per cent at Rs 434, was the worst hit on Nifty.

Merrill Lynch Tuesday cut VSNL's stand alone earnings estimate 19 per cent for 2006-07 (Apr-Mar) and 21 per cent for 2007-08 while maintaining neutral rating on the stock following July-September earnings.

Shares of aluminium companies were down after prices of the metal slipped $18 to $2,790 per tn on the London Metal Exchange on Wednesday.

Technology shares were also down. The BSE IT Index, down 1 per cent, was the worst hit among BSE indices. Satyam Computer Services was down 2 per cent at Rs 427. Infosys Technologies and Wipro were down 1 per cent each at Rs 2,085 and Rs 533, respectively.