Sensex up 131 pts ahead of RIL result

Positive global cues pushed the Bombay Stock Exchange (BSE) Sensex 131 points ahead of the Q4 result of heavyweight Reliance Industries Ltd (RIL), although lower-than-expected TCS numbers and upward turnaround in food inflation erased initial gains.

The BSE 30-share barometer opened firm and remained positive through the day before settling at 19,602.23, up 131.25 points, or 0.67 per cent.

Sensex has gained 511.06 points, or 2.68 per cent, in three straight sessions, ahead of a long weekend starting tomorrow because of a holiday on account of Good Friday.

The NSE 50-share Nifty also improved 33.05 points, or 0.56 per cent, to 5,884.70.

Metal stocks were at the forefront after overnight smart gains due to rise in prices on the London Metal Exchange (LMEX) yesterday.

Refinery counters, too, were in keen demand ahead of RIL’s Q4 result, to be announced later on Thursday.

Bullish world markets helped the rally on local bourses. Key Asian indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan closed higher — between 0.67 per cent and 1.64 per cent — following strong rally on Wall Street yesterday.

“Markets started off in the green amid gains in the equity markets across the globe. However, key indices saw a sharp decline after the weekly inflation data dampened the sentiments,” said Amar Ambani, head of research (India private clients) at IIFL.

The Dow Jones Industrial Average and the Nasdaq Composite Index yesterday spurted 1.52 per cent and 2.10 per cent on beating market expectations by announcement of results by some companies.

European shares also showed firm trend in their afternoon deals on Thursday. The CAC was up by 0.44 per cent, the DAX by 0.66 per cent and the FTSE by 0.18 per cent.

From metal segment, Sesa Goa jumped by 4.34 per cent, Hindustan Zinc by 3.12 per cent, Hindalco by 2.92 per cent, Sterlite Ind by 2.50 per cent and Jindal Steel by 2.37 per cent, resulting the sectoral BSE-Metal index closing up 264.86 points or 1.62 per cent.

The BSE-Oil & Gas index firmed up by 130.34 points or 1.28 per cent, as RIL rose 1.39 per cent and ONGC by 3.01 per cent.

However, the BSE-CG dipped 135.07 points, or 0.98 per cent, due to a 4.38 per cent fall in BHEL and 3.48 per cent in Alstom Project.

Maruti Suzuki was the top gainer from the Sensex pack, with a gain of 3.22 per cent, followed by HDFC (2.57 per cent) and Hero Honda (2.41 per cent).