Sensex settles at 14,508.21 points

Mumbai, May 29: The Bombay Stock Exchange (BSE) Sensitive Index today surged by 110.32 points to breach the 14,500 mark and settle at 14,508.21 as sudden buying momentum emerged in late-afternoon trade, led by index heavyweight Reliance Industries (RIL).

During intra-day, it had touched a high of 14,530.15 and a low of 14,372.07 after opening higher at 14,418.98 The broader National Stock Exchange (NSE) Nifty Index also gained 36.70 points to settle at 4,293.25 from its previous close of 4,256.55 after reaching a high of 4,298.85 and a low of 4,248.90 during intra-day trade.

"Volatility is expected to remain high this week in the run-up to the expiry of May 2007 derivatives contracts on Thursday," market analysts pointed out adding that the market breadth stayed positive on BSE, where 1,352 shares advanced and 1,240 declined while 96 remained unchanged. The total turnover amounted to Rs 4,573 crore and 21 shares advanced while the rest declined among the 30-scrip Sensex pack.

"Foreign Institutional Investors (FII) inflow has been robust over the past few days. They were net buyers to the tune of approximately Rs 180.65 crore yesterday when the Sensex had risen 59 points. Besides, domestic institutions were net buyers to the tune of Rs 74.74 crore yesterday. The FII inflow aggregated Rs 4,015 crore in 6 trading sessions from May 17 last week to May 24," dealers disclosed.

The major gainers included Cipla, BHEL, Ranbaxy Laboratories, Larsen&Toubro, Reliance Industries (RIL), Orbit Corporation, Satyam Computers and TCS.

The prominent losers included Gujarat Ambuja Cements HDFC, Bajaj Auto, NTPC, ITC, Infosys and Wipro.

The Nikkei rose 0.48 per cent today adding 84.97 points to 17,672.56.

Crude oil prices bounced back to USD 70 per barrel in London today due to concerns over Nigerian crude production at the beginning of the summer driving season in US. London Brent crude was up by 29 cents at USD 70 per barrel after hitting USD 70.05 earlier.

It had slipped 98 cents yesterday after Nigerian oil unions called off the two-day strike that had threatened to halt oil supplies.

UNI