Bulls stay tuned again, lift Sensex up by 395 pts at close
The bulls continued from where they left last Friday and displayed their strength in no uncertain terms today. They did go in for a few breathers during the course of the session, but at no time the market was in danger of caving in. So buoyant was the mood right through the day that besides the benchmark indices Sensex and Nifty, all the sectoral indices too ended the day on a high note today.
Strong global markets, good participation by domestic mutual funds in recent sessions and short-covering ahead of expiry of November series derivatives contracts were the factors that kept the market entrenched high up in the positive territory till the end today.
While the Sensex, which opened with a positive gap of nearly 220 points at 19,171.25 and hit a high of 19,360.23 in intra-day trades, ended with a gain of 394.67 points or 2.09% at 19,247.54, the Nifty settled at 5731.70 with a gain of 2.19% or 123.10 points. In intra-day trades today, the Nifty touched a high of 5772.55.
Among the sectoral indices, the Metal index was the biggest gainer today. Mirroring strong gains posted by key metal stocks, it ended 5.61% up. The Realty barometer shot up by 3.05% while the Consumer Durables, Capital Goods, IT, Power and Teck indices surged 2% - 3%.
The Bankex firmed up by 1.7%. The FMCG (1.63%), Healthcare (1.4%), Oil & Gas (1.9%) and PSU (1.52%) also ended on a high note. The Auto index, which gained the least, ended 0.74% up.
Reflecting investor interest for stocks from midcap and smallcap segments, the BSE Midcap and Smallcap indices climbed up 1.89% and 1.69% respectively. The dominance of the bulls could be gauged by the fact that barring a couple of, Tata Motors (down 0.6%) and State Bank of India (down 0.4%), the other components of the Sensex ended on a positive note today. Both Tata Motors and State Bank of India, however, had a nice spell in the positive zone till around mid afternoon.
HDFC Bank (up 5.2% to Rs 1643.70) held the number one spot on the gainers list right through the session. Bharti Airtel, a bit sedate to begin with, rallied smartly in afternoon trade to post a strong gain of 3.8%. Reliance Energy scored a handsome gain of 3.75%. Tata Steel, ONGC, Hindalco, Grasim Industries, DLF, Tata Consultancy Services, Reliance Industries, BHEL, Wipro, Satyam Computer Services, Hindustan Unilever and Bajaj Auto gained 2% - 3.5%.
Larsen & Toubro (1.85%), ITC (1.75%), HDFC (1.55%), ICICI Bank (1.55%), ACC (1.45%), Ranbaxy Laboratories (1.45%) and IT bellwether Infosys Technologies (1.2%) also ended on a high note. Cipla, Mahindra & Mahindra, Maruti Suzuki, NTPC and Reliance Communications gained 0.75% - 1% while Ambuja Cements finished with a small gain.
Nalco, which zoomed 14.7% to Rs 382.95, was the biggest gainer from the Nifty pack. Unitech jumped 6.3%. SAIL notched up an impressive gain of 5.4%. Suzlon Energy ended stronger by a little over 4%. Punjab National Bank (3.05%), Hindustan Petroleum Corporation (2.8%), Tata Power (2.55%), HCL Technologies (2.5%), GlaxoSmithKline Pharma (2.1%), Hero Honda (1.8%), Sterlite Industries (1.7%), ABB (1.45%) and VSNL (1.1%) also ended with sharp gains.
Sun Pharmaceuticals, GAIL India and Zee Entertainment posted modest gains. MTNL and BPCL closed with marginal losses. Siemens, a big gainer in recent weeks, ended 1.6% down on profit taking. Reliance Petroleum topped the turnover chart but closed with a sharp loss of 2.65%.
Jindal Steel shot up by 16.75% today. Balaji Telefilms posted a big gain of 12.5%. HMT, Bharat Earth Movers, Jindal Saw, Crompton Greaves, i-Flex Solutions and Sobha Developers gained 7% - 10%. IndusInd Bank, JSW Steel, India Cements, Rolta India, Indian Bank, Jindal Stainless, Hinduja TMT, Titan Industries, Neyveli Lignite Corporation and Mangalore Refineries and Petrochemicals were among the other big gainers from BSE 'A' Group.
Midcap metal stock Bhushan Steel flared up by 45.7% today. Shaw Wallace remained firmly locked at the 20% upper circuit at Rs 388.25. Ansal Infrastructure moved up by over 11%. NIIT, Deccan Aviation, Usha Martin, Gateway Distripark, Bilcare, Bharat Earth Movers, IL & FS and Ruchi Soya went up by 8% - 11%. Lakshmi Overseas, Kalyani Steel, Voltas, KS Oils and Indraprastha Gas also ended on a high note.
As buying remained widespread, the market breadth was quite strong today. Out of 2865 stocks traded on BSE, 1820 stocks closed with gains. 986 stocks ended on a negative note and 59 stocks settled at their previous closing levels.
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