Energy stocks fuel 520 point Sensex rally; Re at 59-level - Indian Express

ENS Economic Bureau : Mumbai, Sat Jun 29 2013, 01:41 hrs Markets witnessed a rally on Friday with the BSE Sensex surging by 520 points, its biggest gain in 22 months. In tune with the surge in stocks, the rupee rose by a staggering 80 paise, its biggest single-day gain in last nine months, to close above the 60-mark to the dollar at 59.39 amid signs of strong fund inflows on hopes that US Federal Reserve will not begin tapering monetary stimulus soon. The biggest gains were seen in energy stocks after the government on Thursday approved a hike in gas prices. Stocks of gas explorers Reliance Industries (RIL) and ONGC led the surge. ONGC rose by 2.98 per cent to Rs 330.10 while RIL closed at Rs 861.85, up 3.78 per cent on the BSE. All 13 sectoral indices closing with gains as foreign insitutional investors (FIIs) were seen buying after a flurry of reforms in the energy space. The BSE 30-share barometer resumed upward and stayed in the positive zone all through to end at a three-week high of 19,395.81, a spurt of 519.86 points or 2.75 per cent. Earlier, it had gained 567.50 points on August 29, 2011. FIIs turned net positive investors after 12 trading sessions with a net investment of Rs 1,124 crore on Friday, provisional data with the BSE showed. The NSE 50-issue Nifty shot up by 159.85 points, or 2.81 per cent, to end at two-week high of 5,842.20. The SX40 index, the flagship index of MCX-SX, ended 275.16 points, or 2.45 per cent higher to close at 11,494.35. "Today's move was on the back of the government reforms initiative of increasing gas prices and setting up of a coal regulator," said Dipen Shah, head of private client group research, Kotak Securities. Asian markets cheered reports with up to 2.2 per cent rise as reports said Fed officials were of the view that asset purchases would be more aggressive if US growth signals prove to be weaker-than-expected. ... contd. ALSO READ Reliance Infra refuses to operate Airport Metro, DMRC to run it Power, fertiliser costs need not tag along with costlier gas: PC Talks fail: Strike at Bajaj Auto Chakan plant continues Petrol price hiked by Rs 1.82 a litre, diesel next Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE6sDMMJn1cXAcdKVn0GA3xzCUXAg&url=http://www.indianexpress.com/news/energy-stocks-fuel-520-point-sensex-rally--re-at-59level/1135351/

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