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Heavyweights push sensex above 20000

Mumbai, Dec. 26: The sensex rode the yuletide cheer to clamber above 20000 once again as frontline stocks surged on expectations that third-quarter corporate earnings would be robust.

The benchmark index ended at 20192.52, a gain of 338.40 points over the last close, buoyed to some extent by the shortcovering ahead of the expiry of monthly futures contracts.

“Investors are generally optimistic that the third-quarter results season which will commence next month will be good and that foreign institutional investors (FIIs) will return to the markets,” an analyst said.

Since the Securities and Exchange Board of India’s curbs on participatory notes, FIIs have not taken an active interest in the equity markets. Last week, foreign investors sold stocks of over $1 billion.

The markets today began on a sound note and consolidated its gains as the day progressed.

Apart from the heavyweight scrips, such as Reliance Industries, ICICI Bank and State Bank of India (SBI), stocks of the metal, refinery and capital goods sectors saw brisk buying.

Reflecting the positive mood among investors, the sensex began at 19940.96, rose to an intra-day high of 20211.47 and ended at 20192.52, a gain of 1.70 per cent over the last close. The trading volume was Rs 7,668.96 crore.

At the National Stock Exchange, the nifty shot up 85.65 points to 6070.75 after surging to an intra-day high of 6085.25.

The metal index gained the most on the BSE, rising 437.67 points to 13115.99.

Reliance Petroleum was the most active scrip with a turnover of Rs 242 crore, followed by Essar Oil, Rs 219.92 crore, and NDTV, Rs 213.28 crore.

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