The Hindu Business Line : Sensex soars on strong earnings, FII buying

Mumbai, July 19 Heavyweights Reliance Industries Ltd and Bajaj Auto lead the rally in the markets today as the Bombay Stock Exchange benchmark index, Sensex, soared to yet another record high. The index gained 248.96 points or 1.63 per cent to close at 15,550.13.

RIL shares rose by 4.2 per cent to a record high of Rs 1,896.45 on the company’s announcement of a hydrocarbon discovery in the Cauvery deep-water basin.

The Oil and Gas index gained sharply by 2.9 per cent at 8,168 points.

Apart from the Consumer Durables and Realty indices which closed down 0.05 per cent and 0.29 per cent respectively, all other indices closed in the green.

Good corporate results and continued buying by foreign institutional investors contributed to the rise in the markets.

FIIs were net buyers to the tune of Rs 652.08 crore. However, domestic institutions shied away from the rising market and were net sellers at Rs 149.01 crore.

“So far, most of the corporate numbers have been pretty decent. Even IT companies, whose numbers were expected to take a hit, have announced pretty good results,” said Ms Shahina Mukadam, Head-Research, IDBI Capital Markets Service Ltd.

The broad-based C&P CNX Nifty also reached its record high of 4,562.10, rising by 62.55 points or 1.39 per cent over its previous close of 4,499.55.

Major corporates, including Ranbaxy Laboratories Ltd, DLF Ltd and L&T, announced encouraging first quarter results on Thursday. Ranbaxy and L&T both reported a doubling in quarterly profits, which led to their stocks rising 1.36 per cent (Rs 351.55) and 2.02 per cent (Rs 2376.70) respectively.

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