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Sensex above 27,000-mark as Reliance Industries lead the march

Local shares were in the thick of action in early trade with benchmark Sensex edging past the 27,000-mark after a firm opening, as investors took cues from positive close in the US markets and stepped up value buying in beaten-down stocks following the recent slump, said dealers.

Also, the US Federal Reserve kept the interest rates unchanged at a near zero level, which gave domestic markets some respite although the Federal Open Market Committee (FOMC) meet indicated that rates could be increased above 0.5 percent by year end.

 Sensex above 27,000-mark as Reliance Industries lead the march

Reuters

At 10.45 am, 30-share BSE S&P Sensex was at 27,082.35, up 249.69 points or 0.9 percent from previous close. The index came close to hit the 27,100-mark and touched a high of 27,090.84.

Market breadth was firm with gainers outnumbering losers. Of the 2,096 scrips traded so far, 1,381 stocks advanced and 629 declined on BSE.

The broader 50-share CNX Nifty was at 8,154.10, up 62.55 points, or 0.8 percent.

Reliance Industries continued its robust performance on the bourses, leading the Sensex pack with gains of 1.5 percent to Rs 945.35. RIL stock has already gained nearly 6 percent in the past four trading sessions.

Investors are betting big on the stock ever since the company's chairman announced the launch of its 4G services in December this year.

Frontline private banking firms HDFC Bank rose 1.5 percent to Rs 1,019.60 and ICICI Bank gained 1.3 percent to Rs 305.10, as markets remain upbeat, especially given the rising bad loans scenario and dearth of capital in several PSU banking counterparts.

Other blue-chip counters such as HDFC, BHEL, L&T, M&M, Dr Reddy's and Sun Pharma were up around a percent each.

Several oil & gas stocks clocked impressive gains after the recent hike in petrol prices by the government. IOC rose 3.7 percent to Rs 365.15, BPCL jumped 2.6 percent to Rs 831.90 and HPCL was up 2.5 percent at Rs 711.30.

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Updated Date: Jun 18, 2015 10:59:56 IST