Dalal Street posted a hat-trick today with Sensex ending 130 points up, closing at 20,160.82 and Nifty ending 28 points up, to close above the psychologically important 6100 level at 6,111.25 today.
The Indian stock market was led by the natural resources stocks viz Reliance Industries and Coal India. What led to a splurge in Reliance Industries Ltd. shares on a second day was the discovery of a remarkable gas reserve in it’s KG-D6 Block announced on last Friday. Reliance Industries shares gained 1.8% today.
Coal India Share Price splurged almost 4.5% after it’s Q4 results posted 35% increase in the Q4 Net Profit. Coal India also announced that it would raise coal prices soon to tackle the low-wage rate and fuel cost. Coal India Q4 results overshadowed the market estimates and gave enough reason to the market to make call it a Buy for the Coal India Shares.
Another company to make a remarkable up move today was Hero Motocorp, with it’s shares rising 5% to Rs.1745.75/- Hero Motocorp is up almost 22% in the past one month and has given good returns to it’s traders.