The BSE Sensex closed at 7-month high of 18,428.61, up 139 points on sustained FII inflows and spurt in heavyweight RIL amid mixed trend in the global markets and euro-zone finance ministers’ sealing the deal to bail Greece out of its debt crisis.
Short-coverings ahead of the expiry of this month’s derivative contracts on Thursday also boosted the market.
Realty, consumer durables and refinery stocks made smart gains. Sensex heavyweight gained 2.92 per cent and contributed over 50 points to the index gains.
“Global markets rally in the hope of a solution to Greece debt crisis and continued FIIs inflow lifted the local market sentiments,” said Vikas Jain Derivative Strategist, Motilal Oswal Securities.
RIL to make butyl rubber
Reliance Industries on Tuesday formed a joint venture with Russian and Eastern Europe petrochemical major SIBUR to produce butyl rubber in Jamnagar.
The JV company Reliance Sibur Elastomers Private Limited will invest $450 million (Rs 2,250 crore) to construct the facility with a production capacity of 100,000 tonnes of butyl rubber in a year.
With an eye on synthetic rubber demand of the Indian automotive industry that imports 75,000 tonnes every year to suffice its needs, the JV will be the first manufacturer of butyl rubber in India and will be the fourth largest supplier globally.