Monday, May 2 2005 17:22 Hrs (IST) - World Time -

Mumbai: Led by oil shares, the Sensex today (May 2, 2005) recovered by 40.71 points to close at 6195.15 on the Bombay Stock Exchange (BSE) on emergence of fresh buying activity boosted by fall in global oil prices.

The BSE Benchmark 30-share sensitive index opened firm at 6183.07, but thereafter fell sharply to touch an intra-day low of 6140.97. Thereafter, it recovered smartly on revival of heavy buying and after shooting up to a high of 6223.78, ended at 6195.15, showing a notable recovery of 0.66 per cent over the previous close of 6154.44. Fall in the global crude oil prices attracted good buying in the refineries shares. New York's main contract, light sweet crude for delivery in June declined to $ 49.25 a barrel, as the market switched over its focus to the possibility that the US economy may be slowing down, thus easing pressure on supplies, a broker said.

Union Petroleum Minister Mani Shankar Aiyar's meeting with Left parties to seek consensus on the issue of raising petroleum prices also helped the prices to go up, he said.

Among oil shares, HPCL firmed up by 14.23 to 317.05, ONGC by 13.70 to 825.05, BPCL by 16.90 to 364.15, IBP by 8.10 to 533.00 and IOC by 8.65 to 447.30.

Similarly, BSE-Oilgas index rallied by 51.66 points to close at 2983.64, reflecting the firm trend in oil shares.

Other firm spots were Infosystch, Hindalco, Bajaj Auto, Hero Honda, RIL, REL, Satyam Comp, Zee Tele, L&T, ACC, HDFC, HDFC Bank, SBI, Wipro, Tata Motors, Tata Steel and GACL.

However, Grasim, Maruti, ITC, HLL and Dr Reddy declined.