Sensex Adds 0.8% to 7-day Rally, Silver Shines

Devan Biswas
30 Mar, 2011
New York City

Mumbai stocks surged for the seventh day in a row after foreign investors increased net stock purchase in the last one week and crude oil price eased. Silver hit another high and gold near recent highs. Reliance Industries won two oil exploration blocks and ONGC won ten.

[R]4:30 PM Mumbai – Mumbai stocks surged for the seventh day in a row after foreign investors increased net stock purchase in the last one week and crude oil price eased. Silver hit another high and gold near recent highs. Reliance Industries won two oil exploration blocks and ONGC won ten.[/R]

Stocks in Mumbai trading gained for the seventh day in a row after foreign fund flows resumed and crude oil prices edged lower.

The Sensex in Mumbai trading closed up 0.8% or 169.38 to 19,290.18 and the Nifty index increased 51.30 to 5,787.65.

Of the 30 stocks in the Sensex index, 27 increased and 3 decreased.

The rupee closed up 5 cents to 45.50 to a dollar and price of ten grams of gold closed at Rs 20,685 and silver closed at Rs 55,900 a kilo.

Silver traded between Rs 55,200 and Rs 55,900 in the trading following a rise in international markets.

Crude oil closed down to 15 cents to closed $104.64 as rebels aided by the NATO and UK and France forces held on to key cities processing crude oil in Libya.

The data from the stock exchanges suggested that foreign investors in six days to March 29 net purchased Rs 4,483.95 crore.

Stock Movers

Reliance Industries increased 1.1% to Rs 1,034 and the company was awarded two oil exploration blocks of the six it bid in the ninth round of auctions.

ONGC increased 0.1% after it won 10 oil exploration blocks in the auction where 74 bids were received for 33 blocks by the Indian government.

Oriental Bank of Commerce increased 1.1% to Rs 388.70 after the company sold on a preferential basis 4.1 crore shares (or 40 million shares) to the government of India at Rs 412.11 a share.

Real estate developers closed higher. Unitech increased 5%, Indiabulls Real Estate increased 2.2% and DB Realty surged 18.2%.

Aurobindo Pharma increased 2.2% to Rs 195.65 after the company won U.S. regulator approval to market is Galantamine tablets to treat mild loss of memory and the ability to think.

Colgate Palmolive dropped 1% to Rs 819.35 after the stock traded ex-dividend of Rs 7 a share.

Prime Focus increased 7% to Rs 52.80 after the company collaborated with the U.S. based Lucasfilms to convert several of its movies for 3D release in India.

Essel Propack increased 2.6% to Rs 44.65 and the company in a release to the Bombay Stock Exchange said it has relocated its manufacturing plant with a higher capacity in Mexico and is looking to expand in China and consolidate its operations in Middle East in Egypt.