Sensex gains 232 points on fresh buying; RIL, Infosys shoot up

The Bombay Stock exchange benchmark Sensex today gained 232 points on fresh buying by funds ahead of the settlement in this month's derivatives contracts.

Sensex, which had lost 75 points in the previous session, moved up 232.05 points to 15,970.75 led by gains in IT, realty and metal stocks.

The broad-based NSE index Nifty rose 65 points to 4,779.
Reliance Industries shot up 1.94 per cent, and Infosys by 2.91 per cent. The two carry over 20 per cent weight in the Sensex.

Brokers said the market recovered on funds covering their pending positions, created during the recent bear run, ahead of settling derivative contracts for December on Thursday.
They said the buying was seen more in the IT sector.

Despite some gains, Sensex is likely to end the year with a record annual loss in years amid the high interest rate regime in view of inflationary pressures, record slump of the rupee value against the US dollar and an uncertain economic environment globally, triggered by Europe’s debt crisis.

Telecom stocks were up. Bharti Airel surged 4.31 per cent, Idea - 4.44 per cent and RCom - 3.50 per cent.