Reliance group stocks help Sensex touch 7,000
20 June 2005
After announcement of the settlement between Ambani brothers on Saturday, today's market opening was keenly awaited. The Reliance group stocks did not disappoint traders as all of them flared up and helped the Sensex to touch 7,000 in the morning session itself.
All the 4 major Reliance stocks, RIL, Reliance Energy, Reliance Capital and IPCL flared up in opening trades. Market men were keen to see which among the two Ambani groups would see better appreciation.
Going by today's performance, Anil Ambani group stock outshone parent RIL and IPCL by a large margin. Reliance Capital saw the most significant gains of close to 30 per cent at one point. Reliance Energy followed with intra-day gains of over 18 per cent.
Reliance Industries and IPCL were far more subdued with over 5 per cent gains. Volumes were also very high in all these stocks, both in the cash and derivatives segments.
Reliance Capital closed with gains of 25 per cent, Reliance Energy with 11 per cent, Reliance Industries with 5 per cent and IPCL with 4 per cent.
Technology majors gave ample support to the Reliance pack. Satyam was the surprise winner with intra-day gains of close to 5 per cent. Both Satyam and Infosys closed with gains of over 3 per cent each. TCS and Wipro followed suit in that order.