Sensex up 280 pts on Ambanis` pact

Last Updated: Monday, May 24, 2010 - 11:09

Mumbai: The Bombay Stock Exchange benchmark Sensex on Monday surged by almost 280 points in opening trade on Ambani brothers dumping their differences to take a step towards reconciliation in their long-running feud.

The 30-share index, which lost 74.07 points in the previous trading session, shot up by 279.30 points, or 1.69 percent to 16,724.91 in the opening trade.

The wide-based National Stock Exchange index Nifty regained the 5,000-points level by rising 89.50 points, or 1.81 per cent, to 5,020.65 points.

Brokers said trading sentiment turned better after the Ambani brothers agreed to cancel existing non-compete agreements, triggering widespread buying, led by Reliance Industries stocks.

Besides, weekend rally on the US markets, which edged 1.35 percent higher, also influenced the sentiment, they added.

Stocks of heavy-weight Reliance Industries turned bullish and recorded a rise of 3.64 per cent to Rs 1,032, while that of RNRL shot up 21.17 percent to 53.90. Reliance Infra gathered 7.40 percent to Rs 1,061.60.

Rcom shot up 4.84 per cent to Rs 139.85, Infosys Technologies by 0.03 percent to Rs 2,587, Sterlite Industries by 1.59 percent to Rs 651.95, Tata Motors by 2.77 percent to Rs 730 and Tata Steel by 2.01 percent to Rs 519.65.

PTI



First Published: Monday, May 24, 2010 - 11:09

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