Sensex moves up but Reliance scrips falter

Buying in blue chip stocks propelled the Bombay Stock Exchange benchmark Sensex to close 46 points higher than yesterday's close and breach the 6,000 mark for the fourth time this year.

Dealing room sources said declining oil prices and strong portfolio inflows spurred buying and the undertone was propped by Reliance Industries Chairman Mukesh Ambani clarifying on management and ownership issues.

The Sensex hit a high of 6,031.59 in intra-day trading, but closed at 6,009.86. The broader S&P CNX Nifty of the National stock Exchange gained 19.25 points to end at 1,892.60.

Concerns emerged on Reliance group counters again in the afternoon on Tuesday after a television news channel reported that the Ambani family still had differences on the ownership issue.

The Reliance Industries stock ended 0.84 per cent lower at Rs 528.30 with more than 3,440,000 shares traded on the Bombay Stock Exchange alone. The stock hit an intra-day high of Rs 536.40 and a low of Rs 522.10.

The Reliance Energy scrip closed 1.22 per cent lower at Rs 598.15 with a volume of more than 106,000 shares on the Bombay Stock Exchange.

The Indian Petrochemicals Corporation stock was down 1.29 per cent to Rs 184, and the Reliance Capital stock was down 1.55 per cent to Rs 143.04.

Brokers, however, said the pressure on the Reliance Industries scrip notwithstanding, buying activity in other index scrips managed to pull the index up.

The ITC scrip closed at Rs 1,192.30, 4 per cent higher than Monday's close on sustained institutional buying.

The ONGC scrip closed 1.61 per cent higher at Rs 803.25, ICICI Bank scrip closed with gains of 0.79 per cent at Rs 325.40 and the State Bank of India scrip gained 0.36 per cent to Rs 516.20 at close.

The Sensex first crossed 6,000 on January 2 this year, and was last above this level on November 18, when it closed at 6,025.47. It fell the next day with Reliance Industries Chairman Mukesh Ambani admitting to rifts in the family.