Millennium Post

Sensex up 182 pts to 1-month high as gas rate hike spurs reform hopes

The S&P BSE Sensex on Monday jumped by 181.58 points to one-month high of 19,577.39, making investors richer by Rs 90,000 crore, with FII buying getting a boost on hopes of further economic reforms and above-average Monsoon.

Extending its winning run for the third session, the 30-share benchmark was supported by gains in bluechips, including RIL, L&T and Maruti, on persistent buying triggered by resumption of foreign capital inflows into equity market despite mixed trends in global markets.

Sensex resumed lower at 19,352.48, but recovered afterwards to touch day's high of 19,598.43 before ending at 19,577.39, a net gain of 181.58 points or 0.94 per cent. This is Sensex's highest close since 19,610.48 on June 3. It has surged by 1,025.18 points or 5.53 per cent in 3 sessions.

Similarly, the wide based National Stock Index, Nifty, closed 56.65 points, or 0.97 per cent higher at 5,898.85.Also, SX40 index, the flagship index of MCX-SX, rose by 126.46 points, or 1.10 per cent, at 11,620.81. Shares of Realty, Power, Capital Goods, FMCG, Metal and Auto sectors firmed up on good buying enquiries while IT stocks suffered losses on fears that Infosys may scale down its FY'14 revenue guidance.

Brokers said energy stocks, led by heavyweight Reliance Industries, continued their upward march after the government last week agreed to hike natural-gas prices.
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