Sensex up 500 points, trades well above 49,000 (Ld)

Mumbai, Jan 19 (IANS) The BSE Sensex surged over 500 points on Tuesday to reclaim the 49,000-mark.Healthy buying activity was witnessed in auto, finance, capital goods and oil and gas stocks.Around 11.25 a.m., Sensex was trading at 49,132.65, higher by 568.38 points or 1.17 per cent from its previous close of 48,564.27.It opened at 48,900.31 and has so far touched an intraday high of 49,164.81 and a low of 48,805.54 points.The Nifty50 on the National Stock Exchange (NSE) was trading at 14,446.35, higher by 165.05 points or 1.16 per cent from its previous close.Manish Hathiramani, technical analyst with Deen Dayal Investments said: "Although we have opened with a gap up, I would be wary of going long immediately. The Nifty has a resistance around the 14,550-14,600 levels. If we can conquer that, we should be headed to 14,900. Until then there is every possibility to go down to levels closer to 14,100 and then 14,000."Rise in the index-heavyweights Reliance Industries and HDFC supported the Sensex.Shares of Reliance Industries (RIL) on the BSE were trading at Rs 2,021.20, higher by Rs 37.70 or 1.90 per cent from its previous close.Similarly, shares of HDFC on the BSE rose over 2 per cent. Currently, they are trading at Rs 2,623.60, higher by Rs 57.20 or 2.23 per cent.
--IANS rrb/sn/dpb