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Sensex rises 1.3 pct, Reliance gains
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The BSE Sensex ended 1.3 percent higher on Wednesday as a rally in global markets boosted investor sentiments.
After mid day, the benchmark touched an intra-day high of 9,120 – a rise of over 2 percent – but pared gains later to close at 8,976. It was the index’s highest close in a month.
The rise was led by gains in heavyweight counters like Reliance Industries, ICICI and BHEL.
Buyers focused on Reliance as the country’s largest listed company prepared to begin pumping gas from its huge field off the east coast and commission all secondary units at its new refinery. The scrip closed 2.4 percent higher.
There was a rally in realty stocks which sent the BSE Realty Index 7.6 percent up. Shares in Akruti City jumped 27.5 percent and DLF gained 7.7 percent.
Top traded stocks on the BSE included Vijaya Bank, Suzlon Energy, Satyam and Reliance Natural Resources.
The Sensex did show some strength today, but was unable to sustain gains in the closing hours of trade. Do you think the index will remain volatile in the coming days?
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A rise of 112 points(1.3%) in Sensex is quite satisfying.Investors would prefer that rise is gradual and steady rather than sharp or mercurial.A steady movement allows them to evaluate market position on regular basis.There are lesser chances of them getting entrapped.
DIIs are a regular buyers these days.It means that they are shoring up market value of their portfolio as well as helping mutual funds get a higher NAV.
April and May could be cruel months if 4Q 2009 results are disappointing.Then ofcourse we have excitement out of IPL and India’s political league.
Sensex should show mood swings every time it gets a reminder of major happenings.
Nevertheless,this week should end happily.