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Reliance leads rally as pivotals stage smart recovery; Sensex up 33 points, 3009.57

The rumour that the petrochem giant Reliance Industries Limited preparing for buyback suddenly improved the market sentiments towards the end of the trading session, allowing other scrips like Telco, State Bank of India, Castrol and Glaxo also to register handsome gains, dealers said.

Reflecting the trend, the 30-scrip BSE Sensitive Index opened at 2973.31 points, touched the day's high of 3010.84, fell to the day's low of 2944.06 points before closing at 3009.57 points, showing a net gain of 33.40 points from the previous close of 2976.17 points. The broad-based BSE-100 index advanced by 12.93 points to 1338.28 points as against the previous close of 1325.35 points.

The market basically moved upward only on Reliance issue today, and the Sensex would likely to be stable at 3000 level for couple of days , an analyst at a leading financial institution said.

The foreign institutional investors did not participate actively while the domestic institutional investors made very limited purchases, leading BSE brokers said.

The Reliance scrip opened at Rs 119, touched the day's high of Rs 126.50, fell to the day's low of Rs 116.60 and finally ended at 126.80, showing a net gain of Rs 7 over the previous close.

When contacted, the Reliance spokesperson refused to make comment on the company's scrip's rally on the market. ''As a policy matter, we won't comment on the market speculation.''

Meanwhile, the BSE-200 and Dollex indices closed higher by 2.24 and 0.74 points to 308.28 and 121.25 points as against the previous close of 306.04 and 120.51 points respectively.

Total turnover on the BSE's BOLT network declined sharply to Rs 991.03 from yesterday's turnover of Rs 13.85 billion.

The tobacco giant ITC registered the highest turnover of Rs 1.61 billion, followed by Reliance Rs 1.47 billion, SBI Rs 997.7 million, Pentafour Software Rs 971.9 million and Zee Telefilms Rs 708.8 million.

Other actively traded scrips were Satyam Computer (Rs 581 million), Telco (Rs 401.2 million), Castrol India (Rs 237.1 million), Glaxo India (Rs 237.1 million), Tata Tea (Rs 191.9 million), ACC (Rs 141.7 million), ICICI Limited (Rs 113.4 million), BHEL (Rs 110.3 million), L&T (Rs 108.1 million) and MTNL (Rs 85.6 million).

UNI

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