BSE Sensex rebounds 337 pts as crude oil drops; Reliance Industries shares gain

Jun 24 2014, 16:49 IST
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Shares in Reliance Industries gained 2.23 percent. (Reuters) Shares in Reliance Industries gained 2.23 percent. (Reuters)
SummaryBSE Sensex today rebounded 337.58 points to end at 25,368.90...

Clocking the first gain in 5 days, the benchmark BSE Sensex today rebounded 337.58 points to end at 25,368.90 as lower global crude oil prices eased inflation concerns and buying in bluechip shares Reliance Industries, HDFC and ITC lifted the sentiment.

Refiners, realty, banking and PSUs sector stocks led rally on value-buying by funds and retail investors.

After a higher start, the 30-share BSE index rallied to to touch intra-day high of 25,414.69 before settling at 25,368.90, a significant rise of 337.58 points, or 1.35 per cent. Of the 30 Sensex scrips, 26 rose while 4 ended lower.

The gauge had lost nearly 490 points over the past four sessions to end at nearly 3-week low levels on rising oil prices and forecast for below average monsoon rains.

Similarly, the broad-based Nifty of the National Stock Exchange ended 86.85 points, or 1.16 per cent higher at 7,580.20. It touched a high of 7,593.35 and a low of 7,515.20.

Global oil prices dipped as investors noted that turmoil in Iraq has yet to directly disrupt production. US benchmark West Texas Intermediate fell 54 cents to USD 105.63 and Brent crude eased 63 cents to USD 113.69.

Stocks of state-run oil companies were back in demand as fall in global crude prices will reduce financial burden.

BPCL surged 4.61 per cent, HPCL climbed 7.10 per cent, IOC was up 4.57 per cent and GAIL rose 4.5 per cent.

Reliance Industries surged 2.02 per cent and ONGC 1.40 per cent. Another Sensex heavyweight ITC jumped 2.02 per cent after falling over 6 per cent yesterday. HDFC

Meanwhile, equity derivatives turnover at the BSE rose to over Rs 3.3 lakh crore level due to heavy volume in index options. Monthly equity derivative contracts expire Thursday.

Shares of sugar companies soared higher for second day in a row after the government announced interest-free loans for cash-strapped mills and hiked import duty.

Sectorwise, the BSE Realty sector index gained the most by surging 3.16 per cent, followed by Consumer Durables index 2.44 per cent and Oil and Gas index 2.17 per cent. The thematic PSU index also rose by 2.04 per cent.

Dipen Shah, Head- Private Client Group Research, Kotak Securities: Markets rose sharply on the back of a marginal reduction in crude prices and stable global markets. Several stocks moved up after consolidating over the past

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