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As the bulls charged back with a vengeance and kept lapping up stocks at will, it was a virtual one way trip up north for several blue chip stocks and the benchmark indices Sensex and Nifty today. Buying remained so strong and consistent that for almost the entire duration of the session, all the components of the premier indices remained in the positive zone.
The Wall Street, amid choppy trade, had ended on a positive note yesterday. A strong rally on the Asian bourses and expectations of a cut in interest rates contributed to the buoyant opening this morning.
The fiscal package announced by the US government to prevent a slowdown of its economy, strong corporate results from other parts of the globe and on the home front were among the factors that contributed to the market's sparkling show today. And, as the session progressed, a positive opening on the European bourses lifted the sentiment further.
The Sensex and Nifty recorded their biggest ever intra-day gains today. While the Sensex, which touched a high of 18,406.25, closed with a gain of 1139.92 points or 6.62% at 18,361.66, the Nifty, which zoomed to 5399.25, settled at 5383.35, up 349.90 points or 6.95% over its previous closing mark.
So frenzied was the buying in blue chips that at one point of time, when all Sensex stocks were up in the positive territory, despite recording a sharp 2.3% surge, ACC found itself at the bottom of the list.
Some of the heavily battered realty, metal and capital goods sectors bounced back strongly today. Mirroring the sharp gains posted by key realty stocks, the BSE Realty index shot up by 10.41%. Among other sectoral indices, BSE Metal surged 9.73% and the Bankex advanced by 7.53%. The Auto, Capital Goods, Consumer Durables, Healthcare, IT, Oil & Gas, Power, PSU and Teck indices moved up by 5.5% - 7% while the FMCG index, which gained the least, went up by 4.73%!
Reliance Energy (11.85%) and ICICI Bank (11.2%) were in the limelight almost right through the session today, but it was Hindalco (14%) which topped the list of Sensex gainers in the end.
Larsen & Toubro (9.95%), NTPC (9.15%), Bajaj Auto (9.05%), Bharti Airtel (7.3%), Infosys Technologies (7.1%), Mahindra & Mahindra (7.8%), ONGC (7.55%), Tata Motors (7.7%), Tata Steel (6.4%), Ranbaxy Laboratories (6.1%), Hindustan Unilever (6.25%) and HDFC Bank (6.25%) also closed with hefty gains.
Reliance Industries, which remained relatively subdued, closed with a sharp gain of 4.8%. Realty stock DLF and FMCG heavyweight ITC gained 5.9% and 5.15% respectively. ACC, BHEL, Cipla, DLF, Grasim Industries, HDFC, ITC, Maruti Suzuki, Satyam Computer Services, State Bank of India, Tata Consultancy Services and Wipro moved up by 2% - 5%. Ambuja Cements, which missed out on the rally, finished with a small gain. However, on the National Stock Exchange, the stock ended with a sharp gain.
Unitech (17.7%) was the biggest gainer from the Nifty pack. SAIL recorded a gain of 15%. Nalco moved up by 12.85%. HCL Technologies gained nearly 8.5%. Punjab National Bank, Reliance Petroleum, ABB, Cairn India, Dr Reddy's Laboratories, VSNL, Hero Honda, Siemens, Sun Pharmaceuticals, Sterlite Industries, Tata Power and GAIL India advanced by 4% - 8%. BPCL and Zee Entertainment also closed on a high note. Suzlon Energy and GlaxoSmithKline Pharma ended with modest gains.
Quite a number of midcap stocks recorded handsome gains. Reflecting investor interest for stocks in that space, the Midcap index firmed up by 6.41% today. After experiencing an uncertain period this afternoon, smallcap stocks bounced back sharply. The barometer tracking the movements of these stocks, ended stronger by over 4%.
The market breadth, which remained a bit negative at one stage, turned positive as the session drew to a close. Out of 2758 stocks traded on BSE, 1558 stocks closed with gains. 1164 stocks finished lower and 36 stocks ended at their previous closing levels
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The Sensex opened with a huge positive gap of 282 points at 17,504. Considerable buying support saw the index move higher as the day progressed.The index zoomed to an intra-day high of 18,406 towards the closing bell. The Sensex finally ended with a record gain of 1,140 points (6.6%) at 18,362 - the first-ever, four-digit single day gain for the index.
The Nifty gained 350 points to close at 5,383.
The index, however, ended the week on a negative note - down 652 points (3.4%).
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