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Sensex Rises Over 100 Points, Nifty Crosses 11,600; Oil & Gas Stocks Lead Gains

Reliance Industries and HDFC were the top contributors to the rise in Sensex.

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Sensex Rises Over 100 Points, Nifty Crosses 11,600; Oil & Gas Stocks Lead Gains

Advances in oil & gas and banking stocks supported the markets


Domestic stock markets started Wednesday's session on a higher note tracking gains in Asian peers. The S&P BSE Sensex rose as much as 136.61 points to 38,701.49 and the NSE Nifty moved to 11,620.85, up 44.9 points from the previous close. Advances in oil & gas and banking stocks supported the markets however weakness in auto and metal counters kept the upside in check. At 10:45 am, the Sensex traded 104.67 points higher at 38,669.55, while the Nifty was up 34.90 points at 11,610.85.

Top gainers on the 50-scrip benchmark index at the time were ONGC, HCL Tech, Bharat Petroleum, Bharti Airtel and Indian Oil, trading between 1.74 per cent and 2.78 per cent higher.

Reliance Industries and Infosys were the top contributors to the rise in Sensex.

The advances came a day after the central bank set a cut-off at its second dollar/rupee swap auction at a much higher than expected premium - a sign that the system is flush with dollar liquidity that banks are struggling to find buyers for.

The RBI has been conducting the auctions in a bid to absorb the dollars in the system and prevent a sharp rise in the currency while also providing rupee liquidity to the banks.

The Nifty Energy index - comprising oil & gas stocks - rose as much as 1.17 per cent in intraday trade, led by ONGC, BPCL and IOCL.

Equities in other Asian markets rose after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade.

The domestic stock markets had closed lower for the past three consecutive sessions, with the Sensex shedding 710.76 pints - or 1.81 per cent - during this period.

(With inputs from Reuters)

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