Mumbai: A sharp rise in Reliance Industries' shares helped pull the stock market benchmark Sensex back to the 13K level, as the index ended the day up by 71.14 points at a new peak of 13,033.04.
RIL, heavy weight scrip, spurted by Rs 38.00 to close at an all-time high of Rs 1,264.20, contributing 42 points to the Sensex rally even as there was a slowdown in FII inflows.
After a brief pause yesterday, the Sensex fluctuated in a narrow range of 13,050.73 and 12,937.30 on alternate bouts of buying and selling before ending with a 0.55 per cent gain over Tuesday's close of 12,961.90.
The National Stock Exchange's (NSE) S&P CNX Nifty also advanced by 22.95 points or 0.61 per cent to 3,767.05 from previous close of 3,744.10. The market sentiment was aided by encouraging trend in Asian markets.
Crediting a sharp rally in RIL to a report that the company will invest $5.2-billion to double the output from its prolific D6 block in Krishna Godavari basin to 80 million standard cubic meters per day, brokers said the market is expected to stabilise only after a downward correction.
Bharti Airtel also scored handsome gains on the company's $400 million network outsourcing deal with Nokia. Slowdown inflows from Foreign Institutional Investors (FIIs), which reported a small net investment of Rs 93 crore on October 31 as per the provisional numbers while pulling out Rs 153 crore from derivatives, induced retail investors to book profits in select blue chip stocks, they added.
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