Current Change
Strong global markets, impressive results from some top notch companies and expectations of a cut in bank rates triggered a massive rally on the major Indian bourses today. As stocks cutting across sectors surged higher on sustained buying support, the benchmark BSE index Sensex created yet another record when it vaulted past the 20,000 mark for the first ever time in history.
The benchmark, which needed no more than five sessions to vault from 18,000 to 19,000 took a comparatively longer period for its next 1,000 points jump. However, considering the fact that it had plunged to as low as 17,171.45 on 22 October 2007, a week after scaling the 19k peak, its feat is simply incredible, to say the least. From that low on 22 October 2007, the Sensex has spurted over 2800 points in a short span of six sessions.
The market regulator's restrictions on investments through Participatory Notes notwithstanding, stock prices have been moving up quite sharply over the past few sessions.
After opening on a buoyant note at 19,621.39, a positive gap of over 375 points, the Sensex sailed past 19,900 around noon thanks to strong buying in capital goods, oil, bank and telecom stocks. Auto and information technology stocks joined the rally a little later. Hectic buying was seen in several midcap and smallcap stocks as well.
Though the barometer remained a bit listless as it neared the magical figure of 20,000, it finally crossed that milestone during the fag end of the session today. While the Sensex closed with a whopping gain of 734.50 points or 3.82% at 19,977.67, around 47 points down from its new all-time high of 20,024.87, the broader 50 stock Nifty index of the National Stock Exchange, which hit a new high at 5922.50, settled at 5905.90 with a gain of 3.57% or 203.60 points.
Mirroring the sharp surge in prices of key capital goods stocks, the BSE CG index moved up by as much as 7.05% today. The Oil & Gas index gained a little over 5%. The Bankex ended stronger by 3.66% while the PSU index, which consists of several bank stocks, closed with a gain of 3.44%.
The Consumer Durables, Metal, Realty, FMCG and Healthcare indices ended higher by 1% - 3%. The IT, Teck and Auto indices surged 0.84%, 0.88% and 0.7% respectively.
Excellent results and huge expansion plans of the company kept the Larsen & Toubro stock high up in the positive territory right through the session today. The stock, which raced to a new all-time high of Rs 4300, ended at Rs 4277.45 with a hefty gain of 10.35%. BHEL (7.45%) too had a highly profitable outing.
Housing finance major HDFC gained 9.65%. ONGC (7.15%), HDFC Bank (6%), ICICI Bank (5.5%) and Reliance Industries (5.05%) also contributed significantly to the gains of the benchmark indices today.
Reliance Energy moved up by around 3.1%. NTPC, Wipro, Satyam Computer Services, State Bank of India, Reliance Communications and Hindustan Unilever gained 1% - 2%. ITC, Grasim Industries, Infosys Technologies and Maruti Suzuki ended with modest gains. Hindalco and ACC finished with small gains.
Ambuja Cements, Bharti Airtel, Dr. Reddy's Laboratories, Cipla and Tata Consultancy Services settled around their previous closing levels. Bajaj Auto, Mahindra & Mahindra, Ranbaxy Laboratories and Tata Motors eased by 0.4% - 0.7%. Tata Steel, traded on ex-rights basis, ended at Rs 900.90.
Siemens (up 11.8% to Rs 1930.70) was the biggest gainer in the Nifty index. Reliance Petroleum vaulted 9.7% to Rs 221.80. MTNL, SAIL, Unitech, Tata Power, VSNL, Punjab National Bank, Suzlon Energy, ABB, GAIL India, Nalco, GlaxoSmithKline Pharma and Sun Pharmaceuticals closed with strong gains. Zee Entertainment, HCL Technologies and Hero Honda also posted notable gains.
LIC Housing Finance skyrocketed nearly 31.5% to Rs 360.30 today. Jindal Saw hit the 20% upper limit. Engineers India, Gujarat Gas, Alfa Laval, Dredging Corporation, Bombay Dyeing, Gujarat Industries & Power, Punjab Lloyd, Jindal Steel and Maharashtra Seamless closed on a high note.
MRF, Texmaco, Bosch Chasis Systems, GIC Housing, Dewan Housing, PSL, LGB Brothers, Canfin Homes, Ashapura Minechemicals, Suashis Diamonds, Gujarat NRE Coke, Shanthi Gears and Reliance Natural Resources ended with huge gains.
Sensex retreats a bit; MRF, Texmaco soar @ 13:03 hrs
Notwithstanding a few wild swings in prices of a few front line stocks, the benchmark indices Sensex and the Nifty remain high up in the positive territory this afternoon.
While the Sensex, which is on the verge of scaling the 19,000 mark, is up with a gain of 650.21 points or 3.38% at 19,893.38, the Nifty, which crossed the 5900 mark and hit a high of 5913.75 earlier in the day, has recorded a gain of 3.21% or 183 points at 5885.30 at present.
Capital goods stocks remain the favourites of investors today. Mirroring the sharp surge in prices of a host of stocks in the capital goods space, the BSE CG has vaulted as much as 7.25% now.
Oil, PSU, bank, auto, realty and telecom stocks have also posted strong gains. Buying remains a bit selective in consumer durables and pharma sectors. IT stocks, despite opening on a firm note, have turned subdued due to a surging rupee.
Midcap stock MRF remains firmly locked at the 20% upper circuit at Rs 6748.6. Texmaco has jumped 18.5% to Rs 1365. Ashapura Minechemicals has gained a little over 15% at Rs 327.30.
Engineers India, extending last week's smart rise, has gained 12.5% today. Jindal Saw, Alfa Laval, Dredging Corporation, Gujarat NRE Coke, Shopper's Stop, LIC Housing Finance, Bharat Bijlee and Bombay Dyeing have gained 8% - 12%.
Monsanto, Everest Kanto Cylinder, Jagran Prakashan, Nagarjuna Construction Company, Finolex Cables, Shriram Transports, ABG Shipyard and Allcargo Global are among the other big gainers in the midcap index.
Among smallcap stocks, Nesco, Bosch Chasis Systems, LGB Brothers, Mather Pumps, Techno Electrical Engineering, Shanthi Gears, Suashish Diamonds, Mukta Arts, Valecha Engineering, Kanoria Chemicals, Viceroy Hotels, Dewan Housing, Info Media, Zandu Pharmaceuticals, Hercules Hoist, Numeric Power Systems, Indo Tech Transformers and Disa India are among the big gainers today
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