Sensex gains 744 pts on all-round buying; Nifty ends 189 pts up

Sensex gains 744 pts on all-round buying; Nifty ends 189 pts up

It was a bright session for stocks on the major Indian bourses today with the bulls making their presence felt right through the day. The sharp rally on Wall Street following a 50 basis point cut in bank rate announced by the US Federal Reserve triggered strong buying in front line stocks cutting across sectors this morning.
Global meltdown and stock market
Though the market lost its way for a while this afternoon due to a negative close on the Asian bourses and a weak start in European markets, frenzied buying in the final hour of trade lifted it to a buoyant close today. However, marketmen shrugged off that phase and went on a buying spree in late afternoon trade on expectations that the central bank and the government would soon take some positive steps and announce measures to increase liquidity.
Stockometer
While the 30 share BSE sensitive index Sensex ended with a gain of 743.55 points or 8.22% at 9788.06, the broader 50 stock Nifty index of the National Stock Exchange closed with a gain of 188.55 points or 6.99% at 2885.60. In intra-day trades today, the Sensex touched a high of 9870.42. The Nifty rose to 2696.30 in late afternoon trade.
Top gainers
Metal stocks bounced back after recent losses and ended with hefty gains. A sterling display by heavyweight Reliance Industries, besides lifting the benchmark indices Sensex and Nifty, contributed significantly to the sparkling rise of the Oil & Gas index as well.
Worst losers
Select bank stocks, led by private sector major ICICI Bank, rallied higher on strong buying support. Auto, information technology, power, capital goods, FMCG and pharma stocks too had a nice ride up the charts today. Realty stocks recovered after a setback in afternoon trade. Select PSU and consumer durables stocks closed on a firm note.
Thanks to sustained buying interest, a number of midcap and smallcap stocks recorded handsome gains today. The market breadth was fairly strong right through the session. Out of 2575 stocks traded on BSE, 1577 stocks closed with gains. 916 stocks posted losses and 82 stocks ended flat.
Mahindra & Mahindra (up 23.1% to Rs 372.35) was the biggest gainer in the Sensex. HDFC vaulted 17.5% to Rs 1764.55. Jaiprakash Associates recorded a big gain of 16.55%. ICICI Bank zoomed 15.5% to Rs 399.35. Sterlite Industries closed stronger by 13.85%. Index heavyweight Reliance Industries shot up by 13.8%. Hindalco surged 13.3%.
Tata Steel moved up by 12.15%. Tata Power posted a gain of 11.9%. Tata Motors moved up by over 9%. DLF, BHEL, HDFC Bank, Satyam Computer Services, Hindustan Unilever, Reliance Infrastructure, Wipro and Infosys Technologies gained 6% - 9%. Larsen & Toubro (5.55%) Bharti Airtel (5.55%), ACC (4.2%), Maruti Suzuki (4%), NTPC (4.85%) and ONGC (3.05%) also closed with handsome gains.
State Bank of India finished with a modest gain. Grasim Industries and ITC ended with small gains while Ranbaxy Laboratories (down 1.95%) and Tata Consultancy Services (down 0.9%) closed on a weak note. BPCL (down 6.55%) and Suzlon Energy (down 3.75%) closed weak on disappointing quarterly results. Unitech lost 4.35%. Hero Honda ended lower by over 3%. Sun Pharmaceuticals and SAIL also closed on a weak note.
Tata Communications gained nearly 18%. HCL Technologies ended with a gain of a little over 14%. Cairn India, Idea Cellular, Zee Entertainment, Nalco, Reliance Petroleum, Power Grid Corporation, Cipla, Ambuja Cements, Reliance Power, GAIL India and Siemens also closed on a high note today.
JSW Steel flared up by nearly 33% today. India Infoline vaulted 25.3%. United Phosphorus gained 23.8%. United Spirits, Dabur India, Tata Chemicals, India Cements, Jindal Steel, Bosch, GE Shipping, CESC, Balrampur Chini, Triveni Engineering, Aban Offshore, Divi's Laboratories, IDFC, Mercator Lines, Core Projects, Advanta, Eicher Motors, Asahi India, Punjab Tractors and Usha Martin also ended with very strong gains today.

-----------------------------------------------
FII buying lifts markets
Sensex ends up 744pts; M&M zooms 23%

Post Session Commentary - Oct 31 2008
The Indian market ended the day on strong note on heavy buying interest over the ground. Drop in inflation number for the fifth successive week and firm global markets lifted the sentiments. Market rose more than 8% also on speculation that RBI may ease monetary policy following rate cuts across the world, including in the US, China and Japan this week. Bank of Japan cut rates for the first time in seven years, to 0.30% from 0.50% joining global efforts to ease the financial crisis. Today market started the session after a holiday with handsome gains tracking positive cues from global markets. Stocks continued to gain ground on continued buying across the board. However, market gave up some of initial gains during afternoon on profit booking, but further gathered momentum and continued its northward journey till end. The buying support was seen across all the sectoral indices mainly led by the Metal, Oil & Gas, Bank, Capital Goods, IT and Auto stocks. Mid Cap and Small Cap stocks were also on buyers'' radar.Among the Sensex pack 28 stocks ended in green terrain and 2 in red. The market breadth was in favour of advances as 1577 stocks closed in green while 916 stocks closed in red and 82 stocks remained unchanged.The BSE Sensex closed higher by 743.55 points at 9,788.06 and NSE Nifty ended up by 188.55 points at 2,885.60. The BSE Mid Caps and Small Caps closed with gains of 105.54 points 3,200.02 and by 90.50 points at 3,765.11. The BSE Sensex touched intraday high of 9,870.42 and intraday low of 9,361.66.Gainers from the BSE Sensex pack are M&M Ltd (23.09%), HDFC (17.48%), JP Associates (16.55%), ICICI Bank (15.50%), Sterlite Industries (14.48%), Reliance (13.81%), Reliance Communication Ltd (13.76%), Hindalco (13.26%), Tata Steel (12.14%) and Tata Power (11.86%).Only two losers from the BSE Sensex pack are Ranbaxy Lab (1.97%) and TCS Ltd (0.93%).Inflation for the week ended 18th October 2008 came in at 10.68% as against 11.07% of previous week. It stood at 3.11% in the year-ago period. Inflation declined for the fifth consecutive week along with decline in inflation rate of three commodity groups - primary articles, fuel and manufactured products.The BSE Metal index ended higher by (10.20%) or 496.73 points at 5,367.60. Major gainers are JSW Steel (32.70%), Jindal Steel (15.33%), Sterlite Industries (14.48%), Hindalco (13.26%), Tata Steel (12.84%) and Wespan Guajrat Sr (8.92%).The BSE Oil & Gas index gained (9.11%) or 517.29 points to close at 6,195.62. Major gainers are Reliance (13.81%), Aban Offshore (13.20%), Essar Oil Ltd (11.10%), Cairn India (10.85%), Reliance Petroleum (6.61%) and Reliance Natural Resources (5.83%).The Bank index closed higher by (7.21%) or 336.90 points to close at 5,011.24 as ICICI Bank (15.50%), Yes Bank (8.81%), HDFC Bank (8.25%), Bank of India (8.11%), Axis Bank (6.59%) and Canara Bank (5.09%) in positive territory.The BSE Auto index ended up by (6.39%) or 161.22 points at 2,685.62. Gainers are M&M Ltd (23.09%), Bosch Ltd (15.08%), Tata Motors (9.11%), Escorts Ltd (8.69%), Apollo Tyre (5.05%) and Cummins India (4.59%).The BSE IT index surged (5.77%) or 156.17 points at 2,861.94. Gainers are HCL Tech (13.97%), Rolta India (12.17%), NIIT Ltd (9.69%), Moser Bayer (9.12%), Oracle Fin (8.37%) and Satyam Computer (7.61%).The BSE Capital Goods index gained (5.00%) or 333.90 points to close at 7,017.61 as Usha Martin (17.62%), Walchand In (8.77%), BHEL (8.72%), Praj Industries (8.39%), Havells India (7.85%) and Jyoti Structures (6.53%) ended in negative territory.
----------------------------------------------
Up for third day
Nifty November 2008 futures above 2900
Reliance communications jumps on decent results
Sensex tanks nearly 24% in October 2008
Mkts see strong pullback; Metal, Oil, Bank indices up 7-10%
Sensex closes 9% higher; Nifty above 2900
FIIs net buyers of Rs 1,237cr in cash mkt on Friday

Source:All web sources..