Mumbai, Oct 3: Hike in the oil prices was discounted by markets as a large number of old economy stocks, led by Reliance Petroleum and L&T, moved up on Tuesday. The market opened on weak note in the morning in anticipation of selling pressure from institutional players following the hike in petroleum products prices. However there was late buying especially in most of the top counters. But there was not much activity in the tech and other new economy stocks in the wake of dull global markets.After a long time L&T stock was in limelight, rising by 4.83 per cent to close at Rs 173.70. The volume on the counter was also huge with 26.63 lakh shares being traded. Reliance Petroleum was the other stock rising by 4.5 per cent and closed at Rs 59.35 in anticipation of good second quarter results. Another index stock Hindustan Petrolem was also in the gainer list and closed at Rs 113.3, a rise of 4.76 per cent.
Sensex opened at 4,035.64 points and touched a low of 4,028.5 but late buying in some of the index counters pulled back Sensex and closed at 4,136.84 points, a rise of 46 points. While on NSE, the last day of settlement, S&P CNX Nifty also moved in a similar manner. Nifty opened at 1,270.55 touched a low of 1,254.35 and closed at 1,286.15, up 14 points. Analysts said the increase in the pertroleum prices has already been discounted last week and the rise in today's prices was more from select institutional players.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.