The Telegraph
Tuesday , March 11 , 2014
CIMA Gallary

Atop Peak 22K for a while

Mumbai, March 10: The benchmark Sensex today briefly breached the 22000-mark for the first time and then managed to end at a new record close with modest gains of 15 points, extending the rally to the fifth session, on the back of continued overseas investor interest linked to the upcoming polls.

Capital goods, realty, banking and refinery segments gained, while IT, pharma, tech and metal counters fell.

The BSE 30-share barometer resumed nearly 100 points lower on the back of weak Asian cues, but later swung between positive and negative zones. Finally, it ended at a new high of 21934.83, a rise of 15.04 points, or 0.07 per cent .

This surpassed the previous closing high of 21919.79 last Friday.

The Sensex registered an all-time high of 22023.98 today. In five days, the Sensex has gained 988 points.

The wide-based 50-issue CNX Nifty of the NSE also edged up 10.60 points, or 0.16 per cent, to record its closing high of 6537.25. It also touched a new intra-day peak of 6562.20 today, surpassing the previous lifetime peak of 6537.80 hit on Friday.

Rising for the fifth day in a row, the rupee today appreciated 22 paise against the dollar to end at an over seven-month high of 60.85 on heavy capital inflows into equities that surged to a fresh record.

RIL gains

Shares in Reliance Industries Ltd (RIL) jumped 1.93 per cent to Rs 885.80 today on the BSE after its partner BP Plc highlighted two recent discoveries in the Krishna-Godavari and Cauvery basins as “potentially commercial” in its annual report released last Thursday.

BP acquired a 30 per cent participating interest in each of the 21 oil and gas production sharing agreements operated by RIL for a little over $7 billion in 2011.

“In 2013, we made two significant gas and condensate discoveries in the Krishna-Godavari basin and the Cauvery basin, a key milestone for our partnership with Reliance. Along with our exploration efforts to find new oil and gas, we aim to add value to our existing production in India by developing the gas we have already discovered,” BP said.

BP did not provide any indication of the size but brokerage CLSA said it saw potential for “the largest” discovery in KG-D6. It noted that another partner in the block, Niko Resources Ltd, had also cited a significant gas discovery last year.

The RIL stock also surged amid indications that it will gain from the new gas pricing regime that kicks in on April 1.

The KG-D6 gasfield produced 135 billion cubic feet of gas in the nine-month period ended December 31, a sharp 51 per cent reduction from the year-ago level of 275 billion cubic feet. Crude oil output was also down 38 per cent to 1.45 million barrels and condensate by 44 per cent to 200,000 barrels.