Sensex touches fresh two-year high; RIL top gainer with 2.35% rise

Written by Press Trust of India | Mumbai | Updated: Jan 22 2013, 07:41am hrs
Riding on a surge in RIL shares, the BSE benchmark Sensex on Monday ended 63 points higher at 20,101.82 to complete three days of gains, amid positive trends in the European markets.

The BSE 30-share Sensex resumed higher and moved in a positive terrain of over 100 points before settling 62.78 points higher at a fresh two-year high of 20,101.82. The last time the index settled at this level was on January 6, 2011. In the previous two days, it had gained over 221 points.

The broad-based S&P CNX Nifty of the NSE also improved by 17.90 points to end at 6,082.30. Brokers said firm European cues and continued capital inflows aided the sentiment, while mixed Asian cues restricted the rise in Sensex.

While the undertone remains bullish, indices appear to be consolidating... Corporate results have brought in some cheer, but the movement seems restricted to select counters only," said Amar Ambani, head of research, IIFL.

Reliance Industries (RIL), with a spurt of 2.35%, was the top gainer from the Sensex pack. It alone contributed over 40 points to the index gain after the company on Friday evening announced a 24% jump in the October-December profit. This was the first increase in profit after four quarters of declining returns.

RIL logged a new 52-week high of 954.80 during intra-day. The sentiment also got a boost after global credit rating agency Moody's Investors Services on Saturday retained India's sovereign rating at Baa3, with a stable outlook.

The quarterly results of Reliance Industries did beat the Street expectations. However, the stock saw profitbooking for most part of the day. The stock gained more than 10% in last five days," said Milan Bavishi, head of research, Inventure Growth & Securities.