RIL pushes Sensex up by 60 points

Wider index Nifty on the National Stock Exchange rose by 9 points to 4,814.25.

Heavyweight Reliance Industries shot up by Rs 99.35 to Rs 2,174.50 as crude oil prices held their grounds which helped allay fears of company’s revenue falling. RIL has more than 14 per cent weight on the Sensex.

Commodity stock Hindalco Industries,the biggest aluminum producer in the country,was another big gainer among the elite stocks at 4.14 per cent. Marketmen said the uptrend in base-metal prices in the London Metal Exchange was reflected commodity stocks.

Sterlite Industries,the biggest copper and zinc producer,also rose by 1.03 per cent.

Marketmen said a steep rise in Reliance Industries’ stocks saved the market from ending in the negative zone despite a weakening trend in other Asian stock markets.

In the 30-BSE index stocks,13 scrips closed higher,while 17 ended with losses.

They said the market was little jittery ahead of the weekly inflation data to be released tomorrow.

The oil and gas sector index gained the most by rising 2.36 per cent to 10,368 as refinery stocks of Reliance Industries,Essar Oil,Reliance Petro and Cairn India recorded handsome gains.

The banking sector index was the second best performer by rising 0.59 per cent to 8,694.80 followed by healthcare index by 0.35 per cent to 3,910.70. Metal index rose by 0.24 per cent to 13,346.79.

On the other hand,realty sector index fell by 1.65 per cent to 4,417.06 and teck index by 1.09 per cent to 3,106.20. Auto,capital goods,consumer durable,FMCG,PSU,IT and power index also fell on profit booking at higher levels.

As the trading activity was more confined to front-line stocks,the smallcap index rose 0.06 per cent to 7,183.38 and midcap index fell 0.05 per cent to 5,939.81.