Reliance Leads Sensex Rally

Market Update Analysis:

Author: Elena Todorova
123jump.com
Last Update: 10:30 AM EST November 01 2006

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The Sensex recovered from an early plunge Wednesday, as trading was gripped by high volatility and surged in the afternoon session. Reliance Industries led the comeback, helping the benchmark index close at an all-time high, above the 13,000 level. The rally was range-bound as some small-cap and mid-cap stocks declined. Reliance Industries surged on the back of bullish reports. Bharti Airtel and Reliance Communications also rallied. HDFC and ONGC led the decliners.

Oil and gold

Crude oil for December delivery fell 47 cents, or 0.8%, to $58.26 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Brent crude oil for December declined 41 cents to $58.62 a barrel on the ICE Futures exchange in London.

Gold prices rose for a seventh consecutive trading session in London amid concern about a slowdown in the U.S. economy. Gold for immediate delivery in London rose $5.40, or 0.9%, to $612 an ounce.

Currencies

The U.S. dollar was little changed before a U.S. report on manufacturing growth today. The greenback traded at 117.04 yen. in London from 116.98 yen in New York late yesterday. It was at $1.2755 per euro from $1.2762 on Tuesday. The British pound traded at $1.9095 against the dollar from $1.9081 yesterday.

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