Sensex gains 277 points as RIL, RNRL lead rally

Stocks ended the week on a positive note due to strong rumours that Reliance Industries (RIL) is close to resolving its dispute with Reliance Natural Resources (RNRL) over the supply of KG basin gas. The US Federal Reserve’s $20-billion bailout package for Bank of America also helped spread cheer across Asian markets.

Except for the realty index, all other sectoral indices went up today. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened 79 points higher and closed at 9,323.59 points, up 276.85 points. The Nifty closed at 2,828.45 with a gain of 91.75 points.

The market breadth was marginally positive. Out of 2,497 stocks traded, 1,241 advanced and 1,162 declined.

Deven Choksey, Managing Director, K R Choksey, said reports of some Satyam customers shifting to Infosys led to buying in that counter.

While the realty index was down 2.39 per cent, the oil & gas index went up by 5.09 per cent, power by 4.29 per cent and metals by 3.45 per cent.

Reliance Industries (RIL) led the rally with a rise of 6.56 per cent, followed by Bharti (4.77 per cent) and ONGC (3.72 per cent). RNRL closed the day with a 4.1 per cent gain.

Foreign Institutional Investors (FIIs) were net sellers of Rs 585.41 crore, while Domestic Institutional Investors (DIIs) were net buyers of Rs 400.73 crore.