Reliance drives up Sensex

STOCK REPORT

Key indices ended nearly 1 per cent up today on buying in index heavyweight, Reliance Industries.

BSE Oil and Gas Index, up 2%, was the top gainer among BSE indices, driven by gains in Reliance Industries, despite 1.4% drop in shares of Oil and Natural Gas Corp.

"Post second quarter results, there are no major triggers in the market. Positive news from Reliance Industries gave the market a reason to go up," a dealer said.

Reliance Industries ended up 3 per cent at Rs 1,264 after it revised the capital expenditure plan for Krishna-Godavari basin to Rs 300 billion from Rs 80 billion.

Sentiment for the stock was also up as the company is likely to soon restart operations at its Jamnagar unit, which was damaged owing to fire on October 25.

Bombay Stock Exchange's 30-share Sensex ended above 13,000 for the second time ever. It closed above 13,000 for the first time on Monday.

Sensex closed at 13033.04, up 71.14 points or 0.6 per cent from Tuesday, after moving between 12937.30-13050.73 intraday.

National Stock Exchange's 50-share Nifty ended at 3767.05, up 22.95 points or 0.6 per ent, after moving between 3737.00-3777.70 intraday.

Combined turnover on the exchanges was roughly Rs 119 billion against Rs 130 billion Tuesday.

The CNX Midcap and S&P CNX 500 ended up 1 per cent each.

On BSE advances equalled declines, 1:1. Zee Telefilms, up 5 per cent at Rs 317, was the top Nifty gainer.

Videsh Sanchar Nigam was up 2 per cent at Rs 445 after the company Tuesday posted above-expected Jul-Sep net profit of Rs 1.1 billion, against estimates of Rs 942 million.

Housing Development Corporation, down 3 per cent at Rs 1425, was the worst hit on Nifty. Oil and Natural Gas Corporation, down 1.4 per cent at Rs 804, was the other major laggard.