Sensex rebounds, ends 209 pts up
Unperturbed by weakness exhibited by stocks on the US and Asian bourses, the bulls entered the ring with firm conviction this morning, and despite turning a bit restless at times, remained fairly busy till mid afternoon. After that, with a positive start on the European markets boosting the sentiment, they went on a rampage and drove the market to a buoyant close today.
Till about the final hour, only a few select stocks, notably those from auto and oil sectors, were seen trading firm. However, as the mood turned upbeat, stocks cutting across sectors rallied higher and posted smart gains.
While the Sensex, which rose to a high of 19,790.92 in late afternoon trade, ended the day with a gain of 208.57 points or 1.07% at 19,738.07, the Nifty ended with a gain of 1.39% or 81.65 points at 5940, a few points off its intra-day high of 5949.30.
ONGC, which moved up by 4.3% to Rs 1206.30, gained the most among the Sensex components. Tata Motors, which rallied to a high of Rs 783 on sustained, buying support, ended the session with a handsome gain of 3.95% at Rs 771.75. Banking sector heavyweights State Bank of India (2.85%), ICICI Bank (1.9%) and HDFC Bank (1.65%) rebounded smartly during the final hour and ended on a firm note.
Hindalco gained 2.85%. Cipla notched up a gain of 2.5%. NTPC (2.15%), Larsen & Toubro (1.9%), Reliance Industries (1.4%), Ranbaxy Laboratories (1.35%) and Bajaj Auto (1.15%) finished with impressive gains. Reliance Communications, DLF, Wipro, Maruti Suzuki and ACC ended with modest gains. ITC, BHEL, Mahindra & Mahindra, Bharti Airtel, HDFC and Tata Consultancy Services settled marginally higher than their previous closing levels.
Tata Steel, Infosys Technologies, Satyam Computer Services, Grasim Industries, Reliance Energy, Ambuja Cements and Hindustan Unilever closed weak due to lack of support.
The market reacted favourably to GAIL India signing a memorandum of understanding with Reliance Industries for. The stock zoomed 9.55% to Rs 481.40 today. Hindustan Petroleum Corporation recorded a smart gain of 6.45%.
BPCL, Sun Pharmaceuticals, GlaxoSmithKline Pharma, Reliance Petroleum, Unitech, Nalco, Siemens, Zee Entertainment, Dr. Reddy's Laboratories, SAIL and Tata Power were the other prominent gainers from the Nifty. Ispat Industries zoomed by nearly 25% on strong volumes. FDC vaulted 20%. HMT, Syndicate Bank, Tata Elxsi, Nestle, IndusInd Bank, Neyveli Lignite Corporation, Vijaya Bank, Apollo Tyres, Escorts and Dena Bank moved up by 7% - 10%. BASF India, JB Chemicals, Lanco Infratech, Jindal Saw and Power Finance also ended with handsome gains.
Zee News, Wire & Wireless, SRF, Networth Financial Services, Essar Shipping, Development Credit Bank, Shiv Vani Oil, MindTree Consulting, GTL Infrastructure, Redington India, Apollo Tyres, Eicher Motors, Nagarjuna Constructions and Global Broadcast News were some of the big gainers from the midcap space.
Kajaria Ceramics, Kemrock, Unity Infraprojects, JBF Industries, FDC, Visa Steel, Aarti Industries, Hindustan Motors, Gwalior Chemicals, Garden Silks, Mahindra Forgings, Apar Industries, Supreme Petro, Link House, Viceroy Hotels, Crest Animations, Mukand and Roman Tarmat were among the strong gainers in the smallcap index.
Thanks to widespread buying, the market breadth was highly positive today. Out of 2891 stocks traded on BSE, 2164 stocks finished on a winning note. 687 stocks ended weak and 40 stocks ended unchanged from their previous closing levels.
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