After opening on a cautious note, the market moved up sharply into the positive territory in morning trade, and, despite turning a bit listless now and then, gained in strength as the session progressed and ended the session on a high note today.
Though global cues were somewhat mixed, participants shrugged off initial uncertain moves and lapped up several large, medium and small cap stocks today. Short-covering in the derivatives segement ahead of expiry of October contracts played a role as well in lifting stock prices up sharply in afternoon trade.
While the 30-share BSE sensitive index Sensex ended with a huge gain of 257.98 points or 1.39% at 18,770.89, the broader 50-stock Nifty index of the National Stock Exchange posted a gain of 1.32% or 72.80 points as it settled at 5568.95. In intra-day trades today, the Sensex hit a high of 18,900.10. The Nifty rose to a high of 5605.95.
Metal stocks, led by sector heavyweight Tata Steel (8.05%), moved up sharply on sustained buying in the sector. Hindalco shed most of its intra-day gains, but still ended the day with a sharp gain of 1.65% at Rs 192.15.
Banking sector heavyweights ICICI Bank (4.45%), State Bank of India (1.95%) and HDFC Bank (2.3%) contributed significantly to the market's buoyant close today. Shares of Automobile majors Maruti Udyog (3.65%), Tata Motors (2.45%) and Mahindra & Mahindra (1.7%), telecom player Bharti Airtel (3.45%) and FMCG major Hindustan Unilever (2.45%) were in demand.
Wipro bounced back strongly in afternoon trade and finished with a handsome gain of 2.1%. Larsen & Toubro, which lost its way after a firm morning session, rebounded well to record a gain of 1.6%. Grasim Industries (1.5%), Ambuja Cements (1.25%), NTPC (0.85%), Reliance Industries (0.75%), BHEL (0.7%), Bajaj Auto (0.65%) and ONGC (0.55%) also finished on a firm note.
Reliance Communications ended with a modest gain at Rs 750.40. Tata Consultancy Services and Ranbaxy Laboratories closed with marginal gains at Rs 1050.25 and Rs 429.75 respectively.
Pharma stocks Cipla and Dr. Reddy's Laboratories eased on disappointing results. While the former ended with a loss of around 5%, the latter lost 2.4%. ACC (down 1.55%), ITC (down 1%) and HDFC (down 0.65%) also finished with sharp losses. Reliance Energy, which hit a high of Rs 1714.95 in morning trade, closed with a loss of around a quarter per cent at Rs 1649.60. Infosys Technologies and Satyam Computer Services finished with small losses.
Nalco, VSNL, Sterlite Industries, GlaxoSmithKline Pharma, SAIL, HCL Technologies, Tata Power, Punjab National Bank, Sun Pharmaceuticals, Unitech, Suzlon Energy and Reliance Petroleum ended with impressive gains.
Finolex Cables, Asian Paints, Rolta India, Engineers India, IDFC, Bharat Electronics, Jindal Steel, Punjab Lloyd, Chennai Petroleum Corporation, Neyveli Lignite Corporation, Gujarat Minerals, Tata Chemicals and Alstom Projects were among the notable gainers from BSE 'A' Group.
Midcap stock Gulf Oil Corporation vaulted 17.55% today. GTL Infrastructure ended with a gain of 10.15%. Cranes Software moved up by over 10%. Bharat Bijlee ended stronger by around 9.2%. Amtek Auto, IFCI, Tube Investments, Gujarat NRE Coke, Godfrey Philips, Triveni Engineering, JK Cements, Jagran Prakashan, United Breweries, S Kumar's Nationwide, Deccan Chronicle Holdings, Coromandel Fertilizers, Blue Star and Petronet LNG gained 6% - 9% today.
Maytas Infra made an impressive debut today.
The stock, which opened at Rs 515.75, well off its IPO price of Rs 370, zoomed to a high of Rs 642 in intra-day trades and settled at Rs 630 today. Around 13.51 million shares were transacted at the Maytas Infra counter on NSE today.
The market breadth remained positive right through the session today. When trade ended, out of 2800 stocks seen in action on BSE, 1586 stocks were up in the positive territory. 1144 stocks closed with losses and 70 stocks ended unchanged from their previous closing levels.
The market breadth remained positive right through the session today. When trade ended, out of 2800 stocks seen in action on BSE, 1586 stocks were up in the positive territory. 1144 stocks closed with losses and 70 stocks ended unchanged from their previous closing levels.
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