Sensex up by 121 pts, RIL leads gainers

Smart rise among the top heavyweight and petrochem giant, Reliance Industries (RIL), helped the BSE benchmark Sensex to bounce back by 121 points to close at one-week high of 19,444.84.

Index heavyweight RIL was the top gainer with a rise of 2.73 per cent, contributing the most to the Sensex rise after the company denied reports that it is buying Hote Leela Venture's business park in Chennai.

Other Sensex-based counters like Infosys, ONGC, TCS, HDFC, ICICI Bank and Sterlite also were in demand.

In all, 11 out of 13 sectoral indices closed with gains with Oil & Gas, IT, PSU and Teck taking the lead while only HC and Bankex closed with minor losses.

The Bombay Stock Exchange 30-share barometer resumed better and remained in positive terrain throughout the day before ending up by 121.04 points or 0.63 pct at 19,444.84.

On Thursday, it had dipped by 93.66 points or 0.48 pct.

Similarly, the 50-issue S&P CNX Nifty of the NSE also recovered by 38.25 points or 0.65 pct to 5,908.35.

IT stocks rose on hopes that the US lawmakers will try to reach a deal to break the budget impasse before the end of the year.

Brokers said that the possibility of tough reforms after the overnight speech of the Prime Minister Manmohan Singh at the National Development Council (NDC) meeting, indicating a phased reduction in energy subsidies and an early implementation of the Goods and Services Tax (GST), also helped the recovery.