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Sensex closes 44 pts higher; RIL gains 0.87%

Mumbai, Dec 5: The BSE benchmark Sensex on Wednesday closed 44 points higher on buying support on optimism that the government would succeed in getting Parliament approval to its decision to allow foreign investment in
PTI December 05, 2012 17:21 IST
PTI
Mumbai, Dec 5: The BSE benchmark Sensex on Wednesday closed 44 points higher on buying support on optimism that the government would succeed in getting Parliament approval to its decision to allow foreign investment in retail.



Led by Reliance Industries, the Sensex settled the day at 19,391.86, higher by 43.74 points, or 0.23 per cent.

The broad-based National Stock Exchange index Nifty regained a crucial 5,900 level by rising 11,25 points, or 0.19 per cent to 5,900.50.

Brokers said major market players remained selective in front runner and mid-cap sector stocks amid the prevailing optimism that the government would succeed in getting Parliament approval to its decision to allow foreign investment in retail.

Lawmakers will vote later in the day on the government decision to allow FDI in the retail sector.

Traders said overseas investors remained the biggest buyers for almost two weeks by taking $20.2 billion of Indian equities this year so far.

Reliance Industries rose by 0.87 per cent to Rs 830.90 and copper manufacturer Sterlite Industries jump 5.37 per cent to Rs 112. 80 as the metal traded near a six-week high in London.

FIIs bought shares worth a net Rs 539.95 crs on Tuesday as per provisional data from the stock exchanges.

Chinese stocks jumped to lead gains for Asia markets in the earlier trade with the Shanghai bourse rallying off a four-year low as investors picked up financial and property stocks. In mainland China, the Shanghai Composite index was up 3.01 per cent. Hong Kong's Hang Seng was up 1.35 per cent. Key benchmark indices in Singapore, South Korea, Japan, Indonesia and Taiwan were up 0.05 per cent to 0.6 per cent.