Mumbai: Hopes of higher corporate earnings continued to support the upward momentum of the stock market that saw its key index Sensex gain over 311 points and the Nifty regain the 4,000-point level.
Sustained buying by funds in heavy-weight Reliance Industries and other blue-chip stocks was also influenced by the firmness in global stocks.
The market was expecting robust results from technology major Tata Consultancy Services to be announced later on 16 April, in line with Infosys, which had posted higher-than-expected results last week.
The Sensex, which had gained over 270 points on 13 April after Infosys Technology announced a remarkable gain in net profits, shot up by another 311.50, or 2.33% at 13,695.58.
In similar fashion, the second wide-based National Stock Exchange index Nifty rose by 96.00 points, or 2.45% at 4,013.35 after hitting the day’s high of 4,016.80.
Shares of Mukesh Ambani-led petrochemicals giant Reliance Industries soared to a new life-time high of Rs 1,466, while taking the company’s market value to over Rs 2,00,000 crore.
The gain in the shares of RIL, the country’s most valued firm, followed a statement from the company chairman that it anticipates robust demand for petrochemicals over the next 12-18 months.
Shares ended Rs 49.35 higher at Rs 1,460 at the Bombay Stock Exchange, after paring some earlier gains. Nearly 63 lakh shares changed hands on the BSE and NSE.
Other contributors to the Sensex were, ONGC, Infosys Technologies, TCS, Wipro, BHEL, Larsen and Toubro, State Bank of India, ICICI Bank and Reliance Communication.
Cement stocks led by ACC, Grasim and Gujarat Ambuja Cement were back in demand and participated in the rally.