Risk on rally back as markets rise sharply; Reliance surges 5%

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Risk on rally back as markets rise sharply; Reliance surges
Markets staged a smart rally, tracking strong markets across the globe, as concerns over Europe begin to diminish.

The Sensex ended the day higher by 215 points, while the S&P CNX Nifty gained 66 points, to close at 5282 points.

The star performer today was Reliance industries, which surged more than 5% today on reports that the company has agreed to share KG-D6 accounts with the national auditor. According to a report in the Economic Times, under the terms of the production sharing contract (PSC), the company would meet a key demand of oil minister Jaipal Reddy ahead of a crucial meeting of the block's management committee.

Other shares that rallied strongly in trade today were Jaiprakash Associates, Tata Motors and Reliance Infrastructure. Telecom shares were steady today despite the government approving a higher than expected Rs 14,000 crore reserve price for the 2G auction.

Europe was trading positive, with UK's FTSE, the French CAC and the German DAX all trading higher today. Asian markets too closed in the green, as analysts believe that risk on trade is back in the markets, owing to an increasing belief that the European crisis is now behind.

Markets are expected to continue to trade positive and in a range, until fresh triggers emerge.


Read more about: sensex, nifty
Story first published: Monday, August 6, 2012, 15:21 [IST]
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