24 December 2007

Sensex vaults 692 pts; Nifty 219 pts up : Sify India

Sensex vaults 692 pts at close
Sensex zooms 692 points
Sensex rises 692 points on IT scrips
Sensex up 691 points on Asia, US rally

NSE 5985.10 218.60
BSE 19854.12 691.55

The bulls made their presence felt in no uncertain terms today as strong global markets aided the sentiment. And, the Bharatiya Janata Party's victory in the Gujarat assembly polls played a key role as well in keeping the mood upbeat right till the end of the session as it eased fears of an early national election. Expectations of buoyant results from India Inc also played a part in buoying up prices of top ranked companies today.

With traders running in to cover their short positions ahead of expiry of December series derivatives contracts, prices of several blue chip stocks had only one direction to go today, up north. While the Sensex, which opened with a positive gap of nearly 150 points at 19,308.20 and hit a high of 19,879 in late afternoon trade, ended with a gain of 691.55 points or 3.61% at 19,854.12, the Nifty settled at 5985.10 with a gain of 3.79% or 218.60 points. The Nifty, which opened at 5771.30 this morning, hit a high of 6001.05 in afternoon trade.

Buying in blue chip stocks was so strong and widespread that only three stocks, Bajaj Auto (down 2.85%), Maruti Suzuki (down 0.15%) and ACC (down marginally), among the Sensex components failed to close on a positive note today.

IT stocks had a highly profitable outing. Sector bellwether Infosys Technologies, which opened on a high note, ended with a handsome gain of 6.65%. Wipro topped the list of Sensex gainers with a splendid 8.9% surge. Tata Consultancy Services (6.1%) and Satyam Computer Services (6.3%) also ended with strong gains.

HDFC notched up an impressive gain of 6.35%. Reliance Energy (6.15%), Bharti Airtel (6.1%), BHEL (5.1%), Mahindra & Mahindra (4.85%), ONGC (4.75%), Tata Steel (4.6%) and ICICI Bank (4.4%) finished with big gains.

Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, Reliance Communications, State Bank of India and Tata Motors moved up by 2% - 3%. Cipla, DLF, Hindustan Unilever and Ranbaxy Laboratories also ended with smart gains. Hindalco ended nearly a per cent up. ITC, Grasim Industries and Ambuja Cements edged up marginally.

GAIL India, which spurted 9.6% to Rs 526.15, was the biggest gainer from the Nifty fold. VSNL rallied 9.25% to Rs 745.90. Punjab National Bank ended nearly 7% up. Nalco, Sterlite Industries, Sun Pharmaceuticals, HCL Technologies, BPCL, Suzlon Energy, Cairn India, Reliance Petroleum, Tata Power, Zee Entertainment, SAIL and GlaxoSmithKline Pharma also closed on a high note. Idea Cellular, Hero Honda, Unitech and Siemens ended with modest gains.

Reflecting all-round buying, all the sectoral indices finished in the positive zone today. BSE IT, which moved up by over 6%, was the most prominent gainer. The Teck barometer closed stronger by 4.9%. The Bankex, Metal, Oil & Gas, Power and PSU indices surged 3% - 4%. The Capital goods index advanced by 2.66%. The pharma index gained 1.23% while the Auto and Consumer Durables indices firmed up by 0.94% and 0.92% respectively.

With several midcap and smallcap stocks surging higher, the indices tracking the performance of these segments, closed stronger by 2.06% and 1.42% respectively. The market breadth was positive right through the session. Out of 2937 stocks traded on BSE, 1967 stocks ended with gains. 939 stocks closed in the negative zone and 31 stocks ended unchanged from their previous closing levels.

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