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Sensex gains ahead of Parliament vote

Source : BUSINESS_STANDARD
Last Updated: Wed, Dec 05, 2012 09:23 hrs
People walk pass BSE building in Mumbai

The Sensex edged higher on Tuesday, rising for the fifth day in the last six sessions, led by gains in Reliance Industries (RIL), on hopes the government will soon approve the company's investment plans for the KG-D6 block.

Analysts said the markets would closely track the progress on a crucial vote in Parliament on foreign direct investment in multi-brand retail sector and other reform initiatives for the near term.

Hopes of more open market operations and some monetary easing by the Reserve Bank of India (RBI) by December-end also aided sentiment.

The benchmark BSE Sensex gained 0.22 per cent, or 42.80 points, to end at 19,348.12. The broader Nifty rose 0.31 per cent, or 18.30 points, to end at 5,889.25, finding resistance around psychologically important 5,900 level.

Reliance Industries rose 2.6 per cent, marking its highest single day percentage gain since September 17, on a newspaper report the oil ministry is poised to approve the company's investment plans for the controversial KG-D6 block, citing government sources.

ICICI Bank ended 1.55 per cent higher after earlier hitting a new 52-week high of Rs 1,122.60, while State Bank of India gained 1.6 per cent, marking its sixth day of gains.

Earlier in the day, RBI conducted an auction to buy up to Rs 12,000 crore of debt, including the benchmark 8.15 per cent 2022 bond and the 8.19 per cent 2020 bond.

Shares in Jaiprakash Power Ventures Ltd gained 9.9 per cent after its parent company, Jaiprakash Associates Ltd, said the Amelia North coal mine has received the final Stage II forest clearance for diversion of 728.75 hectares of forest land for coal mining.



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