Press Esc to close
Wednesday 10 February 2016
News updated at 6:22 PM IST
Weather
Max: 33°C
Min : 19°C
In Bengaluru
Partially cloudy

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
Rescuers carrying out the operations to search for the bodies...

Rescuers carrying out the operations to search for the bodies...

Lance Naik Hanumanthappa Koppad's mother and wife at their home in Betadoor village in Hubli on Tues

Lance Naik Hanumanthappa Koppad's mother and wife at their home in Betadoor village in Hubli on Tues

Pakistani weightlifters celebrate after Md Nooh Dastgir won...

Pakistani weightlifters celebrate after Md Nooh Dastgir won...

Gold medalist Bidyaluxmi Tourangbam, silver medalist Lidiyamol Sunny...

Gold medalist Bidyaluxmi Tourangbam, silver medalist Lidiyamol Sunny...

Gold medal winning Indian team with other medallist teams...

Gold medal winning Indian team with other medallist teams...

India's Dipika Karthik and Mihilya Methsarani of Sri Lanka in...

India's Dipika Karthik and Mihilya Methsarani of Sri Lanka in...

Gold medal winner WKLA Nimali of Sri Lanka, silver medallist...

Gold medal winner WKLA Nimali of Sri Lanka, silver medallist...

Devotees gather to take holy dip at Har ki Pauri on the occasion of Somvati Amavasaya...

Devotees gather to take holy dip at Har ki Pauri on the occasion of Somvati Amavasaya...

A view after heavy snowfall in Kufri near Shimla...

A view after heavy snowfall in Kufri near Shimla...

Assam Chief Minister Tarun Gogoi dressed as Lord Ram during the Nagaon Bhaona Samaroh...

Assam Chief Minister Tarun Gogoi dressed as Lord Ram during the Nagaon Bhaona Samaroh...

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