Sensex gains 126 pts, ends at a new high
As buying remained quite selective with regard to large cap stocks, not many stocks from the Sensex moved into the positive territory today. However, gains posted by a few blue chips proved sharp enough to lift the Sensex to a new intra-day high of 20,861.83 this afternoon.
Earlier, with weak global markets triggering a sell-off in front line stocks, the Sensex had tumbled to 20,438.19, recording a loss of nearly 250 points in opening trade this morning. After bouncing back smartly, the Sensex remained a bit choppy for about a couple of hours before moving on to higher levels. It finally ended the session with a handsome gain of 125.76 points or 0.61% at 20,812.65.
The Nifty, which remained in the red for a better part of the session today as its non-Sensex components struggled for support, settled with a small gain of 4.80 points at 6279.10. In intra-day trades today, the Nifty touched a low of 6193.35 and a high of 6289.80.
ICICI Bank opened on a weak note but bounced back soon in a telling fashion. It held its course in the positive territory right through and was up by nearly 6.15% over its previous closing price when trade ended for the day. FMCG heavyweights ITC and Hindustan Unilever closed higher by 5.3% and 2.55% respectively.
Reliance Communications (3.95%), Reliance Energy (2.95%), DLF (2.1%) and heavyweight Reliance Industries (1%) also contributed to the positive close of the Sensex. Larsen & Toubro, State Bank of India and Tata Motors chipped in with modest gains. ACC and HDFC ended marginally higher than their previous closing levels.
Amid growing fears of a US recession, IT stocks had another weak outing. Sector bellwether Infosys Technologies eased by 3.35%. Tata Consultancy Services and Wipro went down by 2.8% and 2.7% respectively while Satyam Computer Services lost a little over 2%.
ONGC declined 3.25% to Rs 1299.95. HDFC Bank lost 2.35%. Grasim Industries (down 2.2%), Bajaj Auto (down 1.9%), Mahindra & Mahindra (1.5%), BHEL (1.4%), Hindalco (down 1.25%), Bharti Airtel (down 1.2%), NTPC (down 1.05%), Ranbaxy Laboratories (down 1.05%) ended with sharp losses. Ambuja Cements, Tata Steel, Cipla and Maruti Suzuki also closed on a weak note.
Suzlon Energy, which shot up by 6.8%, was the top gainer from the Nifty pack. Siemens notched up an impressive gain of 3.4%. Unitech, Reliance Petroleum, Sun Pharmaceuticals, Sterlite Industries, Idea Cellular, Nalco and GlaxoSmithKline Pharma also closed in the positive territory.
HCL Technologies, VSNL, GAIL India, BPCL, Dr Reddy's Laboratories, Punjab National Bank, SAIL, Zee Entertainment and Tata Power ended with sharp losses today.
Reliance Natural Resources (9.15%) rose on strong volumes. With a turnover of Rs 1490.70 crore, the stock ruled the chart on the National Stock Exchange today. IFCI (4.15%) and Parsvnath Developers (8.75%) also moved up on impressive volumes.
The market breadth was marginally positive. Out of 2926 stocks traded on BSE, 1572 stocks closed with gains. 1338 stocks ended with losses and 16 stocks ended at their previous closing levels.
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