RIL pushes Sensex beyond 14k

STOCK REPORT

The stock markets continued their uptrend for the third day running and breached the crucial 14,000-mark for the first time ever, thanks to a freak trading in Reliance Industries during opening hours.

The BSE-30 Sensex closed at 13,905.65, up 0.46 per cent or 63.32 points from Monday while the broader Nifty ended higher by 14.75 points to 4015.75 points.

Analysts said the uptrend in the market during recent times were contributed by robust growth in earnings by companies in IT, banking, telecom, infrastructure, constructions and capital goods.

Health care and metal stocks, which have been laggards in the current rally, are expected to catch up in the next 3-4 months, they said.

"The huge international liquidity is one of the big reasons for the market upswing, and this year is going to be a record high for FII inflows in India. In terms of earnings growth rate of India, our stock markets are not overvalued,"pointed out Ajay Bagga, CEO, Lotus India AMC.

The market breadth on Tuesday was almost even with 1,321 shares advancing while 1,265 shares declined. Prices of 67 shares remain unchanged.

The top gainers on the Sensex were Tata Steel at Rs 492.90, up 5.30 per cent, Reliance Communications at Rs 458.05, up 3.43 per cent, L&T at Rs1,462.25, up 2.83 per cent, Reliance Industries at Rs 1,280, up 1.58 per cent, and Infosys at Rs 2,239.05, up 1.52 per cent.

Top Sensex losers were Gujarat Ambuja at Rs 141.65, down 1.90 per cent, HDFC Bank at Rs 1,083, down 1.54 per cent and HDFC at Rs 1,600, down 1.48 per cent.

Among the sectoral indices, BSE Metal Index was the biggest gainer at 2 per cent, followed by BSE Teck Index, which rose by 1.09 per cent.Major losers among sectoral indices were the BSE Bankex, which shed 0.87 per cent, and BSE Consumer Durable Index (-0.44 per cent).