Sensex up 151 pts on govt's move to offload 10% in listed PSUs

Mumbai, Nov 5 (PTI) The government of India's decision
Thursday to offload 10 per cent stake in all listed PSUs
lifted the benchmark Sensex from initial losses to close
higher by over 150 points.

The 30-share index, which plunged by 347 points during
intra-day trade, suddenly got buying support after Home
Minister P Chidambaram announced the government's decision.
The index finally closed at 16,063.90, higher by 151.77
points or 0.95 per cent from its previous close.
Anil Ambani Group companies Reliance Infra and Reliance
Communications posted hefty gains of over 5 per cent to emerge
as the best Sensex stocks Thursday.
Metal stock Hindalco, which was on a roller-coaster ride
for the past two days, was another winning stock at 5.08 per
cent. Besides RCOM, telecom stock Bharti Airtel also soared by
4.50 per cent. Brokers said shares of telecom companies rose
on reports that the government may lower fees.
Among the 30 index stocks, 23 gained while the other
seven closed lower.
National Stock Exchange index Nifty also rose by 54.75
points at 4,765.55
Traders said buying at existing lower
levels pushed up
the market. Funds covering their pending positions created in
recent bearish phase further supported the uptrend, they
added.
Reports of direct tax collection rising by 3.92 per cent
to Rs 1,73,447 crore for the first seven months of the current
fiscal also boosted the trading sentiment.


Market leader Reliance Industries rose by 1 per cent to
Rs 1,939.80.
RCOM by 5.34 per cent to Rs 178.40, Reliance Infra by
5.59 per cent to Rs 1,089.30, RNRL by 3.74 per cent to Rs
70.65, Reliance Capital by 9.71 per cent to Rs 793.60 and RIIL
by 2.95 to Rs 831.10. PTI RS