Sensex rebounds from lower levels, ends
Large cap stocks generally moved in a tight range even as mid and smallcaps gained in strength on strong buying support today. The market, taking global cues, got off to a negative start and as key stocks drifted lower, the benchmark indices plunged sharply into the red in early trade. The US and Asian markets had tumbled following the assassination of Pakistan's former Prime Minister Benazir Bhutto.
However, amid a certain degree of volatility, a few blue chip stocks bounced back from lower levels and the Sensex rallied into the positive zone. But then, with participants staying wary of building up positions in front line stocks, the index moved in a tight range till a list past noon.
A couple of strong spells of selling in information technology, capital goods, telecom and auto stocks in afternoon trade sent the Sensex crashing below 20,050. Though the barometer rebounded from that level and settled at 20,206.95, it still ended the day in the negative zone, albeit with a very small loss of 9.77 points. The Nifty, which swung in an intra-day range of around 77 points, ended at 6079.70, well off a low of 6021.90, with a loss of 1.80 points.
Realty stocks had a firm outing today. Metal, PSU, FMCG, healthcare and consumer durables stocks too posted impressive gains. Oil and power stocks bounced back during the closing minutes and ended well off their lows. Information technology, bank, capital goods and auto stocks closed on a subdued note.
Reflecting investor interest in midcap and smallcap stocks, the Midcap and Smallcap indices ended stronger by 1.55% and 2.16% respectively. The market breadth also remained quite positive today.
Out of 2953 stocks traded on BSE, 2262 stocks closed with gains. 665 stocks finished on the losing side and 26 stocks ended unchanged from their previous closing levels.
Realty major DLF moved up by 5.35% to Rs 1063.70 and topped the list of gainers from the Sensex pack. Tata Steel (2.8%), Ambuja Cements (2.75%), Grasim Industries (1.15%), Hindalco (1.15%), ITC (1.1%), Ranbaxy Laboratories (1%), Reliance Energy (up nearly a per cent) and BHEL (0.95%) closed on a firm note.
Mahindra & Mahindra, HDFC, NTPC and ACC also ended with notable gains. Hindustan Unilever, Reliance Communications, Reliance Industries and State Bank of India ended marginally higher than their previous closing levels.
Among the losers, software major Wipro ended lower by 3.5%. Bharti Airtel (down 2.65%), Bajaj Auto (down 2.3%), Tata Consultancy Services (down 1.8%), ICICI Bank (down 1.2%), ONGC (down 1.1%) and Maruti Suzuki (down 1.05%) also declined sharply.
Tata Motors and HDFC Bank ended lower by around 0.8%. Infosys Technologies, Satyam Computer Services, Cipla and Larsen & Toubro eased by 0.25% - 0.5%. Idea Cellular, Suzlon Energy, GlaxoSmithKline Pharma, GAIL India, Zee Entertainment, Dr. Reddy's Laboratories and Hero Honda declined sharply today.
Nalco, which opened on a negative note, bounced back strongly in afternoon trade and ended with a handsome gain of 4.4%. Unitech, HCL Technologies, Tata Power, SAIL and Sun Pharma moved up by 2% - 4%. Punjab National Bank, Reliance Petroleum, Cairn India and Sterlite Industries also finished with impressive gains.
Ramco Systems hit the upper circuit in morning trade and remained firmly locked till the end. BASF India, Orchid Chemicals, HMT, Parsvnath Developers, Aditya Birla Nuvo, Castrol India, Edelweiss Capital, Century Textiles, Alfa Laval, Nestle, Ingersoll Rand, Mirc Electronics, Bharat Electronics, HDIL, Bank of Baroda, Lanco Infratech and Jindal Steel closed with handsome gains.
Monsanto, SpiceJet, Gulf Oil Corporation, Bajaj Auto Finance, Gateway Distripark, Donear Industries, Patel Engineering, Blue Dart Express, Sundaram Fasteners, Tata Investment Corporation, Advanta, Havell's India, Ess Dee Aluminium, Hotel Leelaventure, Bayer Crop and Dishman Pharma were some of the major gainers from the midcap index.
Among smallcaps, Suraj Stainless, Org Informatics, LGB Brothers, GATI, Spentex Industries, Munjal Showa, Bajaj Electricals, Agro Tech Foods, Suraj Diamond, Transport Corporation of India, Unity Infraprojects, Whirlpool, Dolphin Offshore, Viceroy Hotels and Tantia Constructions flared up today.
JP Hydro (up 7.2%), Essar Oil (up 2.65%), Jindal Steel (up 5.9%) and RNRL (up 5.55%) surge on strong volumes. Transformers & Rectifiers (TRIL) made a strong debut today. The stock ended at Rs 736, a premium of around 58.3% to its issue price of Rs 465. Nearly 3.3 million shares were traded at the TRIL counter on NSE today.
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