rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Nifty tops 5,600 led by RIL

Nifty tops 5,600 led by RIL

February 21, 2012 16:35 IST

BSEKey share indices ended higher amid volatility on Tuesday weighed by Reliance Inds, banking and capital goods segments.

The markets opened firm mirroring higher global cues.

Meanwhile, Inflation based on the all India Consumer Price Index stood at 7.65% in January, as per the first nationwide retail inflation data released by the government today.

While 'food and beverages' reported a moderate rate of price rise of 4.11% year-on-year in January, the inflation numbers for fuel and light, and clothing, bedding and footwear segments were in double-digits.

The 30-share Sensex ended at 18,429 up139 points and the 50-share Nifty ended at 5,607 up by 43 points.

The Sensex and the Nifty reached an intra-day high of 18,471 levels and 5,623 mark, respectively.

On the global front, Asian markets ended on a mixed note. Japan's Nikkei share average dipped after failing to top the key 9,500 level on Tuesday, while Mazda Motor Corp shed nearly 10% on a report that it will raise $2 billion through a share issue and loans to shore up its finances.

European stocks are trading weak after the agreement of a second bailout deal for Greece removed the threat of a disorderly bond default but left markets unconvinced it could avoid further turmoil.

CAC, DAX and FTSE are down by nearly 1% each.

Back home, index heavyweight Reliance Industries zoomed by nearly 3%.  ONGC rallied 2.5% on reports that the overseas investors have assured the government they would buy up the proposed 5% stake sale in the company.

BHEL was the top Sensex gainer, up 5% on reports that the Cabinet Committee on Economic Affairs (CCEA) will impose import duty at the rate of 20% on the power generation equipment for projects above 1,000 megawatts (MW).

From the Metal space, Tata Steel, Hindalco and Jindal Steel gained between 1-3%.

Consumer Durable stock like Titan Industries surged 6%, touched its lifetime high, on the back of huge volumes.

Banking stocks like SBI, HDFC Bank and ICICI Bank increased by nearly 1% each. 

Shares of real estate companies continued their upward march, on expectation of reduction in interest rates, will increase the demand for properties going forward. DLF surged by almost 2%.

Telecom major Bharti Airtel zoomed by over 2%.

Auto stocks like Hero MotoCorp, Bajaj Auto and M&M gained between 1-2%.

On the losing side, Sterlite was the top Sensex loser, down over 3%. 

BSE IT index ended marginally lower. Wipro and Infosys fell between 0.5-1.5%.

The broader markets outperformed the benchmark indices. BSE Midcap and Smallcap indices gained between 0.9 -1.2%. 

Suzlon Energy gained 5% after the company said that its subsidiary, REpower Systems SE, has signed a framework contract with Mala Eolis for the supply of up to 250 megawatts (MW) for onshore wind farms in France.

Oberoi Realty surged 9%. Orbit Corporation, Ansal Buildwell and Purvankara Projects gained more than 5% each.

UCO Bank increased 3% after the state-owned bank said that the board of directors has approved the proposal for the issue of 31.37 million equity shares to Life Insurance Corporation of India (LIC) on a preferential basis.

Allahabad Bank gained 5% ahead of its board meeting tomorrow to consider issue of equity on preferential basis to Life Insurance Corporation of India and others.

Electrosteel Castings soared 16% after the company said it has received ministry for Environment and Forest (MoEF) clearance for its iron ore mines located at Kodolibad, West Singhbhum, Jharkhand.

The overall market breadth remained firm as 1,673 stocks are advancing while 1,303 are declining.

Surabhi Roy in Mumbai
Source: