Mumbai: Encouraging news from petro giant Reliance Industries (RIL) and FMCG major Hindustan Lever (HLL) propelled the stock market to a new closing peak of 13,186.89, extending the gains to the fourth straight day on Monday.
RIL shares surged by 1.48 per cent to a new closing high of Rs 1,306.05 following reports that the company might spend $2 billion on an Ethanol plant by 2012, while HLL jumped by 4.79 per cent amid reports of another price hike in FMCG products.
Overcoming initial pressure, the Bombay Stock Exchange's (BSE) benchmark index, Sensex, rallied to a new trading peak of 13,206.87 before ending the day at an all-time high of 13,186.89, a net rise of 56.10 points or 0.43 per cent over Friday's close of 13,130.79.
The National Stock Exchange's (NSE) S&P CNX Nifty closed with a modest rise of 3.90 points or 0.10 per cent to 3,809.25 from the previous close of 3,805.35.
Metal and FMCG shares were in keen demand from investors. Metal stocks scored impressive gains on the back of a sharp rise in global metal prices. Bank, PSU and Auto counters, however, witnessed profit booking from investors.
Attributing buying support from retail investors partly to the opening day of the week, brokers said bulls were seen creating fresh positions in frontline counters on encouraging news from major corporates, including ITC, Reliance Capital, GACL and Tata Motors.
Foreign Institutional Investors (FIIs) and mutual funds, which have increased their activity since last week, too were selective buyers in key stocks.
Comments
0 comment