Sensex posts a new high past 18,700, ends 378 pts up

Wednesday, 10 October , 2007, 16:25
16:13:35

Nifty 5441.45 114.20 2.14%
Sensex 18658.25 378.01 2.07%

The market saw another bright session as the bulls, after storming the ring right at the stroke of the bell this morning, kept calling the shots till the very end. A few blue chip stocks shed a significant portion of their gains and a few others even slipped into the red, but gains posted by capital goods, information technology, cement, oil and telecom stocks were so strong that the benchmark indices Sensex and the Nifty settled near their new all-time highs.

While the Sensex, which opened with a big positive gap of around 193 points at 18,473.43 and vaulted to a new high of 18,703.67, ended the session at 18,658.25 with a huge gain of 378.01 points or 2.07%, the Nifty settled at 5441.45, a few points down from a new lifetime high of 5454.70, with a gain of 2.14% or 114.20 points.

With fears of a major rift between ruling UPA and the Left parties having subsided to an extent and global markets displaying a steady to firm trend, the mood remained quite upbeat on the bourses today. Expectations of strong second quarter results from India Inc and a host of stock specific stories kept the sentiment buoyant right through the session.

Larsen & Toubro, with reports of more order win pouring in, spurted to a new high of Rs 3450 and settled at Rs 3372 with an impressive gain of 6.6%. Power equipment maker BHEL notched up a handsome gain of 4.2% as it ended at Rs 2330.65.

IT bellwether Infosys Technologies rallied 3.75% to Rs 2124.55 on expectations of strong quarterly results. Satyam Computer Services (2.95%), Wipro (2.85%) and Tata Consultancy Services (2.6%) also closed on a high note today.

Hindalco (3.85%), ACC (3.55%), Reliance Energy (3.4%), Bharti Airtel (3.05%), Cipla (2.75%), Reliance Communications (2.65%), ONGC (2.45%), Mahindra & Mahindra (2.4%), ICICI Bank (2.2%), Ambuja Cements (2.2%), State Bank of India (1.8%), Tata Motors (1.8%), Grasim Industries (1.35%) and Tata Steel (1.35%) also finished with strong gains.
Reliance Industries, which opened on a firm note and hit a new high at 2681.90, eased on profit taking and ended at Rs 2617.35, up by a modest 0.65%. NTPC, HDFC and HDFC Bank ended with very small gains.

Tata Power, which moved up by over 12%, was the biggest gainer among Nifty stocks. Reliance Petroleum shot up by 7.25%. VSNL and Suzlon Energy ended stronger by 6.5% and 5.75% respectively. SAIL, HCL Technologies, GlaxoSmithKline Pharma, Unitech, Siemens and Sterlite Industries finished with smart gains.

Gujarat Minerals hit the 20% upper circuit today. Jaiprakash Associates, Jindal Steel, Sobha Developers, Bank of India, iGate Global Solutions, Arvind Mills, Punjab Lloyd, Indian Bank, Sun TV Network, EIH Limited, Nirma, Indo Rama Synthetics and Century Textiles were among the prominent gainers today.

Midcap stock Adlabs Films flared up by 21.7%. Patel Engineering, United Breweries, Renuka Sugars, Motilal Oswal, Bajaj Hindustan, Infotech Enterprises, Take Solutions, KS Oils, Triveni Engineering, Dalmia Cement (Bharat), NIIT Technologies, EID Parry, Praj Industries, Gitanjali Gems, Info Edge and TV 18 also closed on a high note.


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