A maturing market amid the mayhem
Reliance leads Sensex rally
The BSE Sensex today crossed the psychological mark of 10,000 and ended 446 points higher, its best close in nearly five months, guided by strong Asian and European markets.
The benchmark index ended at 10,348.83, while the 50-share Nifty ended 150.7 points higher at 3,211.05.
Reliance Industries surged more than 5 per cent on reports the company has started pumping gas from the KG basin, which at full throttle will nearly double India’s gas output.
The Sensex rise was led by Reliance Industries (up 5.2 percent), ONGC (up 8.2 percent) and L&T (up 6.6 percent).
Top among the gainers were DLF, Jaiprakash Associates and Tata Motors, all gaining over 12 percent.
The BSE Realty index emerged on top, posting gains of 9.1 percent. Anant Raj Industries, HDIL and DLF were up in the range 6-15 percent.
The sectoral picture looked healthy with most indices closing in the green. The BSE Oil & Gas Index ended 5.7 percent up, while the Banking Index closed 4.7 pct higher.
Latest data shows the wholesale price index, India’s most widely watched inflation measure, rose 0.31 percent in the 12 months to March 21. Analysts say it is likely to turn negative in the coming weeks, which would provide enough room for a further easing of monetary policy by the Reserve Bank of India (RBI).
Do you think a further softening of policy measures will trigger another rally?