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BSE Sensex up 1.7 percent as Reliance stock surges



By Ruchi Sharma
26 February 2008 @ 2:18 am IST

Mumbai - India's prime stock index, the BSE (Bombay Stock Exchange) Sensex, climbed 1.7 percent or 301.50 points, Monday, to 17,650.57, with 26 components rising, riding on the wave of renewed confidence of investors who are looking forward to a positive budget being announcement by the Central Government.


Stock brokers in a brokerage firm in Mumbai react while watching Bombay Stock Exchange (BSE) index on their trading terminal.
Stock brokers in a brokerage firm in Mumbai react while watching Bombay Stock Exchange (BSE) index on their trading terminal. BSE's 30-share prime index, the Sensex rose by more than 300 points on Monday, Feb. 25, 2008. (Photo: AP)
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On Monday, the Sensex opened up 1 percent at 17,524, but fell as much as 1.2 percent to 17,138, dragged down by weak global cues and concerns over the economic slowdown in the US.

However, a strong rally by Sensex heavyweight, Reliance Industries Ltd (RIL), pulled the Sensex up to a high of 17,674 and helped it to finally settle at a comfortable level.

Reliance Industries, which accounts for about 15 percent of the main index, added 5 percent to Rs.2,551.70 on strong buying by institutional investors.

India's largest private sector bank, the ICICI Bank recovered from early falls to close almost 1 percent up at Rs.1,110.05, while State Bank of India (SBI) ended 0.6 percent up at Rs.2,127.55.

Reliance Power, which made a dismal debut early this month, rose 8.1 percent on Monday to its highest close at Rs.450.40 after the company announced a 3-for-5 bonus share issue to boost shareholders' confidence.

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