Oil stocks help Sensex hold above 20K for first time in 2 yrs
The BSE benchmark Sensex today ended above the 20,000-mark for the first time in two years on continued strong buying in oil & gas stocks by FIIs on the back of partial deregulation in diesel prices.
Bucking the broader market trend, shares of Wipro and HDFC Bank ended lower despite posting good quarterly numbers.
Extending gains for the second day, the 30-share Sensex rose by 75.01 points, or 0.38 per cent, to close at 20,039.04, a level last seen on January 6, 2011.
The gauge had surged 146 points in the previous session.
"The partial decontrol in diesel prices has triggered a rally in Oil Marketing Companies. While global cues have been helpful, what is the heartening is that FII inflows continue unabated," said Amar Ambani, Head of Research, IIFL.
Besides, a firming trend in Asia and higher opening in Europe on reports of Chinese economy accelerating for the first time in two years and US housing sales jumping to a four-year high further supported the uptrend.
The broad-based National Stock Exchange index Nifty rose by 25.20 points, or 0.42 per cent, to 6,064.40, after touching the day's high of 6,083.40.
State-run oil and gas major, ONGC, was the top gainer in the Sensex pack with a rise of 7.31 per cent. Petrochemicals giant Reliance Industries (RIL) gained 1.05 per cent ahead of Q3 earnings. Others like BPCL, Indian Oil Corp and Oil India also notched up handsome gains.
Besides refinery, PSU, power and realty stocks also attracted good buying support while IT, teck, auto and metal
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