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Wild swings in Sensex

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MUMBAI:The surprise peace between warring Ambani brothers powered stock markets on Monday with the Bombay Stock Exchange benchmark index, Sensex, shooting up by 312 points in early trade but swift profit booking minutes before the closing bell saw the index ending just 24 points higher.

After swinging wildly during the day, the 30-share index of the BSE ended at 16469.55, up by 0.15 per cent, or 23.94 points. The index oscillated between a high of 16757.73 and a low of 16413.03, indicating high volatility.

Shares of companies belonging to Mukesh and Anil Ambani groups emerged as top gainers. Mukesh-led petrochemical giant RIL, which has the maximum weight on Sensex, surged 2.58 per cent to Rs. 1,021.45. Among the Anil Ambani Group stocks, Reliance Communications and Reliance Infra shot up by 10.87 per cent and 6.23 per cent to Rs. 147.90 and Rs. 1,050.05, respectively, to emerge as the two best Sensex performers of the day.

Shares of RNRL, another company belonging to the Anil Ambani Group, zoomed 22 per cent to Rs. 54.55. The other group stocks Reliance Capital and Reliance MediaWorld posted around 5 per cent gain each.

The two Ambani brothers on Sunday decided to bury their differences and create an environment of harmony, co-operation and collaboration between their groups, saying this would eliminate any room for further “disputes”.

On the global front, China's benchmark Shanghai index surged 3.48 per cent, while Japan's Nikkei ended in the red with a fall of 0.27 per cent. European markets were firm.

Rupee edges down

The rupee weakened marginally against the dollar on Monday, giving up all its intraday gains, as worries over the euro zone's financial problems bolstered the dollar and triggered a fresh wave of demand from importers, mainly refiners. It closed lower at 46.98/99 on Monday against 46.95/96 last Friday. The rupee touched a high as 46.60 and a low of 47.04 in intra-day. — PTI


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