The Hindu Business Line : Sensex scales 7,000, retreats

THE Bombay Stock Exchange's Sensex moved up to another historic high going past the 7,000 point mark, buoyed by the settlement of the ownership dispute between the Ambani brothers, arrival of monsoon in Mumbai and a hike in petroleum prices.

The movement of stocks was erratic in today's trading as, other than the benchmark indices, most indices closed lower from Friday's close. Heavy selling in mid-cap and small-cap was seen in today's trading. Overall sentiment of the market was negative as for rise in one share there was fall in three.

As expected by most of the market players, the BSE Sensex and NSE S&P CNX Nifty opened firm led by Reliance Industries and Reliance Energy. The further rise was attributed to IT companies such as Infosys, Satyam Computers and Wipro.

The Sensex touched all time high of 7001.65 in intra-day trade and closed at 6984.55, up 78.03 points (1.13 per cent), and the Nifty was up 20.95 (0.99 per cent) to close at 2144.35.

All the leading companies from the Mukesh and the Anil Ambani groups remained in limelight. Reliance Industries gained 5.04 per cent to close at Rs 630.50 and IPCL gained 3.94 per cent at Rs 167.50.

From the Anil Ambani group, Reliance Capital led the rise, up 24.92 per cent at Rs 294.50 on huge investment and big plans for the company in near future. Reliance Energy was up 11.11 per cent to close at Rs 658.10.

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