Stock markets rally for second consecutive day

Mumbai, Apr 4: The Sensex rose by 162.19 points on the Bombay Stock Exchange today to settle at 12,786.77, buoyed by firm global bourses and a fall in international oil prices.

The broader 50-stock Nifty Index also gained 42.60 points on the National Stock Exchange (NSE) to end at 3733.25 from its previous close of 3690.65 points.

''Extending tuesday's recovery, IT pivotals traded mixed after the Rupee's recovery. Banking, metals, pharma, sugar and scrips of offshore oil services were in demand. Cement shares also were subdued,'' brokers said.

The market-breadth was strong. Against 1,548 scrips rising on BSE, 946 had declined. Also, 91 stocks were unchanged. Gainers outpaced losers by a ratio of 1.63:1. The BSE clocked a turnover of Rs 3218 crore, market analysts observed.

Global markets were firm. Asian stocks extended their rally today with Australia, Singapore and South Korea hitting record highs, after reassuring US housing data and falling oil prices boosted investors' appetite for risk.

US stocks closed sharply higher yesterday, as a drop in oil prices calmed worries about inflation and news of an unexpected rise in home sales raised hopes that the housing market was stabilising.

Index heavyweight Reliance Industries (RIL) gained 1.6 per cent to Rs 1364, on reports that it was planning to set up two gas-based projects. PSU power equipment major Bhel surged 4 per cent to Rs 2349.

Housing finance major, HDFC, gained 5 per cent to Rs 1495.

Banking scrips advanced ahead of the weekly inflation data, which is due to tomorrow.

ICICI Bank gained 1.6 per cent to Rs 817.50 and State Bank of India rose 0.5 per cent to Rs 931.80.

Dr Reddy's Lab gained nearly 4 per cent to Rs 747. Cipla gained 2.4 per cent to Rs 229.50.

IT bellwether Infosys gained 1.4 per cent to Rs 1993. The stock had eased in morning trade from the early gains, as the Rupee today hit its highest level in nearly eight months.

HCL Tech rose 3 per cent to Rs 287, while Ashok Leyland's dropped 1.6 per cent to Rs 35.50.

UTI Bank dropped nearly 2 per cent to Rs 456.20.

Metal shares advanced, after metal futures rose on the London Metal Exchange yesterday. Sterlite Industries jumped nearly 7 per cent to Rs 466.95, Hindustan Zinc jumped 8 per cent to Rs 619 and Hindalco gained 0.4 per cent to Rs 129.65. Copper futures rose 3.8 per cent, and Zinc futures jumped 3.6 per cent, brokers added.

UNI