Press Esc to close
Tuesday 23 September 2014
News updated at 7:47 PM IST
Weather
Max: 30.8°C
Min : 21.5°C
In Bangalore
Sunny day

Sensex rises for 4th day, up 19 pts as oil stocks soar

Mumbai, Jan 4, 2013, (PTI) :

The BSE benchmark Sensex today erased initial losses to end 19 points higher on fag-end buying in oil & gas stocks triggered by expectations of hike in fuel prices, stretching market's gains to the fourth straight day.

The Sensex rose by 19.30 points, or 0.10 per cent, to close at 19,784.08. The gauge has climbed to its highest level since January 2011 on the back of the recent rally. Buying was seen mainly in refinery, PSUs and IT counters. Smart rise in ICICI Bank, TCS, ONGC, Infosys, SBI and BHEL shares helped the index cement gains.

Outside the index, BPCL, HPCL, IOC and Gail gained in 1.8-5.5 per cent range on hopes that a proposed revision in the government's pricing formula would boost gas prices.
"Expectations of rise in diesel prices triggered rise in oil retailers," said Milan Bavishi, Head Research, Inventure Growth & Securities.

Additionally, Oil Minister M Veerappa Moily has allowed Reliance Industries and Cairn India to explore for oil and gas within the producing fields subject to certain conditions.
Cairn jumped 3 per cent while RIL closed almost flat.


However, the fall in HDFC, ITC, Tata Steel, L&T, Tata Motors, HDFC Bank, Jindal Steel, Sterlite and Hindalco capped the buoyancy to some extent. The broad-based National Stock Exchange index Nifty gained by 6.65 points, or 0.11 per cent, to 6,016.15, after touching the day's low of 5,981.55.

"For the week, Sensex is up about 2 per cent, thus beginning the new year on a strong note. Several mid-caps have done strongly in the week," said Sanjeev Zarbade, Vice President (PCG Research), Kotak Securities.

Traders said investor confidence was intact even as global markets remained under pressure after senior Federal Reserve officials reportedly expressed concerns over expansion of the bond buying plan.

Besides weak global trend, steep fall in base metal prices in the overseas markets put pressure on the market to some extent, traders said.

Go to Top

Photo Gallery
Shoaib Akhtar rides bike during a Champions League Twenty20 match in Bengaluru ...

Shoaib Akhtar rides bike during a Champions League Twenty20 match in Bengaluru ...

Sania Mirza after a practice session at the 17th Asian Games in Incheon, South Korea  ...

Sania Mirza after a practice session at the 17th Asian Games in Incheon, South Korea ...

Home Minister Rajnath Singh drives a motorcycle at Thalkobad CRPF camp ...

Home Minister Rajnath Singh drives a motorcycle at Thalkobad CRPF camp ...

FC Goa’s coach Zico and marquee player Robert Pires along with Nita Ambani ...

FC Goa’s coach Zico and marquee player Robert Pires along with Nita Ambani ...

Ambassadors of Kochi International Half Marathon, cricketer Harbhajan Singh and actor Mohanlal  ...

Ambassadors of Kochi International Half Marathon, cricketer Harbhajan Singh and actor Mohanlal ...

A vehicle  to campaign for Maharashtra Chief Minister Prithviraj Chavan ahead of  elactions ...

A vehicle to campaign for Maharashtra Chief Minister Prithviraj Chavan ahead of elactions ...

An irate White Tiger cramps a student after he fell in its enclosure at the Delhi Zoo ...

An irate White Tiger cramps a student after he fell in its enclosure at the Delhi Zoo ...

A woman carries her baby near her damaged house after floodwater receded ...

A woman carries her baby near her damaged house after floodwater receded ...

Flood victims remov debris from their collapsed house after floodwater recedes ...

Flood victims remov debris from their collapsed house after floodwater recedes ...

Soha Ali Khan during a promotional of her upcoming film 'Chaarfutiya Chhokare' in Kolkata ...

Soha Ali Khan during a promotional of her upcoming film 'Chaarfutiya Chhokare' in Kolkata ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523