26 December 2007

Sensex zooms 338 pts at close : Sify Finance

Sensex zooms 338 pts at close
Sensex rises 338 points on funds buying
Sensex closes above 20000

NSE 6070.75 +85.65
BSE 20192.52 +338.40

The bulls, aided by strong global markets and the decision of the government to allow trusts to invest in equities, stamped their supremacy in style once more and lifted stock prices up sharply in today's trade. Some stock specific stories and short-covering ahead of December series derivatives expiry also contributed to the surge in values today.

The gains posted by the benchmark indices Sensex and Nifty today were not as sharp as the ones recorded by them in the previous trading session, but were highly impressive, nevertheless.

While the Sensex, which touched a high of 20,211.47 in intra-day trades, ended with a handsome gain of 338.40 points or 1.7% at 20,192.52, the Nifty settled at 6070.75, up 1.43% or 85.65 points over its previous closing mark.

Information technology stocks, which opened on a weak note and were seen struggling till a little past mid afternoon, managed to recover lost ground thanks to strong buying during the final hour of trade. Oil, metal, capital goods, bank, power and realty stocks had a fine day. Automobile stocks pared some of their gains but still ended the day on a firm note. Buying remained selective in FMCG and healthcare sectors.

Besides large cap stocks, a number of stocks from midcap and smallcap segments too moved up sharply today. Mirroring investor interest for these stocks, the Midcap and Smallcap indices climbed up 2.05% and 3.02% respectively.

As the mood remained upbeat, only a few stocks, Bajaj Auto (down 1.1%), Tata Consultancy Services (down 0.95%), ONGC (down 0.9%), Hindustan Unilever (down 0.35%) and HDFC (down 0.25%) among the Sensex components failed to end on a positive note today.
Index heavyweight Reliance Industries (up 3.9%) moved up sharply and contributed significantly to the rise of the indices today. Realty stock DLF (up 4.35% to Rs 1013.95) was the biggest gainer from the Sensex pack. Metal stocks Hindalco and Tata Steel gained 4.2% and 3.55% respectively.

Tata Motors rallied 3.35% to Rs 752.10. State Bank of India gained nearly 3%. BHEL (2.65%), Reliance Energy (2.6%), Larsen & Toubro (2.6%), Reliance Communications (2.5%), Grasim Industries (2.1%), Cipla (1.55%), NTPC (1.35%), Bharti Airtel (1.3%), Mahindra & Mahindra (1.25%) and Satyam Computer Services (1.05%) also ended on a high note.

ICICI Bank closed nearly a per cent up at Rs 1219.40. ITC, Ambuja Cements, Ranbaxy Laboratories, Maruti Suzuki, HDFC Bank and ACC ended with modest gains. IT bellwether Infosys Technologies edged up marginally. Wipro closed with a small gain.

Nifty stock BPCL gained nearly 5%. Zee Entertainment, Cairn India and Reliance Petroleum moved up by 4.65%, 3.65% and 3.4% respectively. ABB, Sterlite Industries, GAIL India, Tata Power and Siemens gained 1% - 3%. GlaxoSmithKline Pharma, Unitech, Punjab National Bank, SAIL and Idea Cellular also ended with notable gains.

Sun Pharmaceuticals, Nalco, Suzlon Energy and HCL Technologies posted sharp losses.
Though the market ended with handsome gains, volume of business remained thin once again. The National Stock Exchange recorded a turnover of Rs 15, 693.10 crore today. The market breadth remained strong. Out of 2945 stocks traded on BSE today, as many as 2283 stocks closed on a winning note. 639 stocks finished lower and 23 stocks ended at their previous closing levels.

More Stories:

Zuari Ind unit buys realty firm
L&T gets orders worth $190 m
Alpa Labs in deal with Wockhardt
IPOs raise $8.3 billion from Indian bourses
Spectrum allocation as per TRAI formula
Deep Ind bags Rs 30 cr order from Gujarat State Petronet

Sujana Towers has a Rs 250 cr growth plan
Carazoo.com notches up over 3.8 m page views in 3 months
Google's got your number
'India's energy sector needs $150 b investment'
XL Telecom to set up solar farms in Spain
America's best big companies

Forbes gurus: Best investment ideas for 2008
Kalindee Rail surges on new orders
SBI to absorb 6 associates by Mar '09



Source: http://www.sify.com/finance. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

No comments: