RIL, financial shares push Sensex up by 167 pts

RIL, financial shares push Sensex up by 167 pts

MUMBAI, June 30: The BSE benchmark Sensex today recouped early losses to end the day higher by 167 points after a firm opening in European bourses buoyed the sentiment.

The 30-share index closed at 17,700.90, up 166.81 points, or 0.95 per cent, after RIL and financial stocks rallied at the fag-end of trading.

The National Stock Exchange’s wide-based 50-share Nifty Index added 1.07 per cent to finish at 5,312.50 points. Reliance Industries (RIL) ended up close to 2 per cent amid reports that the petrochemicals giant is close to signing a JV deal with US-based private equity and hedge fund giant DE Shaw. The deal, when signed, will see the Mukesh Ambani-led company entering into the financial services sector. Energy major RIL has been on gaining spree since petrol prices were deregulated last Friday, barring its 2 per cent loss yesterday when the markets were hammered.

Banking stocks bounced back, a day after being battered on fears of an imminent rate hike. ICICI Bank rose 1.55 per cent, HDFC Bank 0.57 per cent and HDFC 1.36 per cent. SBI, which fixed its base rate at 7.5 per cent, rose 0.31 per cent. Marketmen said that contrary to expectations that markets would linger in the red on account of global hiccups, the bourses showed strong resilience.