BSE Sensex up 101 points in early trade, Reliance Industries shares surge 3%

May 27 2013, 09:44 IST
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The 30-share barometer gained 101.27 points, or 0.51 per cent, to 19,805.60 points. (Reuters) The 30-share barometer gained 101.27 points, or 0.51 per cent, to 19,805.60 points. (Reuters)
SummaryThe 30-share barometer gained 101.27 points, or 0.51 per cent, to 19,805.60 points.

BSE Sensex today rose over 101 points in early trade on the back of buying by funds in oil and gas, consumer durables, PSU and metal stocks despite a weak trend in the Asian region.

The 30-share barometer gained 101.27 points, or 0.51 per cent, to 19,805.60 points. The index had gained 30 points in the previous session.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 31.10 points, or 0.52 per cent, to 6,014.65.

Brokers said buying by funds in Reliance Industries and other heavy-weight stocks and some short-covering by speculators, mainly influenced the trading sentiment.

They said, however, a weakening trend on the other Asian bourses, limited the gains.

Stocks of Reliance Industries spurted by 3.60 per cent to Rs 816.30 after company announced a huge natural gas discovery, possibly the biggest find ever, in the flagging eastern offshore KG-D6 block that will be key to arresting falling output.

Coal India stocks also up by 1.13 per cent at Rs 313.85 ahead of quarter earnings.

Meanwhile, Japan's Nikkei was fell over 3 per cent, while Hong Kong's Hang Seng shed 0.11 per cent in early trade today.

Indian stocks to watch-May 27

GLOBAL MARKETS ROUNDUP

* Nifty futures on the Singapore Exchange are 0.1 percent down and the MSCI-Asia Pacific index excluding Japan is 0.23 percent lower.

* Japan's Nikkei index slid 3.0 percent in early trade on Monday, following on from a 3.5 percent slide last week in breath-taking volatility that no doubt left many investors shaken.

* The S&P 500 declined for a third day on Friday, with the three major US stock indexes posting their first negative week since mid-April on lingering concern that the US central bank may scale back its stimulus measures to support the economy.

FACTORS TO WATCH

* March-quarter earnings from Coal India Ltd

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