Sensex vaults 572 pts

Sensex vaults 572 pts

The market opened with big positive gap on strong global sentiment, gained in strength as the session progressed and signed off on a buoyant note today. The bulls proved so relentless that the market never lost its momentum till the very end.

Global meltdown and stock market

As the market had one of its best sessions in recent weeks, the Sensex romped home with a huge gain of 571.87 points or 5.74% today. The barometer, which opened with a positive gap of around 190 points at 10,154.56 and hit a high of 10,570.58 in intra-day trades, settled at 10,536.16. The National Stock Exchange's 50 stock Nifty index closed at 3148.25, a few points down from a high of 3161.25, netting a big gain of 175.25 points or 5.89%.

Stockometer
The massive revival package announced by the Chinese government buoyed up Asian markets, which in turn set a strong platform for the bulls to go on a buying spree today. And things only got better in afternoon trade as the firm start on the European bourses kept the mood upbeat.
Top gainers
International Monetary Fund and some leading rating agencies have forecast a lower growth for the economy in fiscal 2009. However, shrugging off inhibition, participants formed a beeline for stocks cutting across sectors, and, for a change, refrained from lightening commitments even at higher levels.
Worst losers
Metal stocks were on song today. Power, capital goods, oil and bank stocks had a nice ride up the charts. Information technology and realty stocks lost their way after a bright start but bounced back strongly in afternoon trade to end on a high note.

Pharma, consumer durables, telecom and auto stocks also recorded handsome gains. FMCG stocks remained subdued right through the session. Besides a host of large cap stocks, several midcap and smallcap stocks too recorded impressive gains today.

Buying was so widespread that only two stocks, ITC (down 1.35%) and Maruti Suzuki (down 0.25%), among the Sensex components failed to end on a positive note today. Among Nifty stocks, BPCL, Suzlon Energy and Tata Communications closed on a negative note.

Sterlite Industries, Tata Steel and Hindalco, the metal stocks in the Sensex, ended with handsome gains. While Sterlite Industries and Tata Steel closed stronger by 13.45% and 12.85% respectively, Hindalco moved up by 10.5%.

Tata Power vaulted nearly 12% to Rs 825.05. Reliance Infrastructure (10.95%), Jaiprakash Associates (10.25%), ICICI Bank (9.25%), Bharti Airtel (9.15%), ONGC (8.65%), BHEL (7.7%), NTPC (7.3%) and index heavyweight Reliance Industries (7%) ended with big gains.
Tata Motors, Satyam Computer Services, DLF, Ranbaxy Laboratories and Infosys Technologies gained 6% - 7%. Larsen & Toubro, (5.95%), Grasim Industries (5.85%), HDFC (4.35%), Mahindra & Mahindra (4.3%), State Bank of India (4.2%), ACC (3.95%), Tata Consultancy Services (3.85%), Wipro (3.5%) and Reliance Communications (3.2%) also finished with strong gains. HDFC Bank and Hindustan Unilever closed with modest gains.

Nifty stocks Nalco, Cairn India and Unitech surged 11% - 12%. Idea Cellular, ABB, Siemens, Ambuja Cements and Cipla gained 7.5% - 10%. SAIL, Reliance Power, Sun Pharmaceuticals, Reliance Petroleum, HCL Technologies, Power Grid Corporation, Zee Entertainment, Punjab National Bank and GAIL India ended with sharp gains. Hero Honda edged up marginally.
Deccan Chronicle Holdings, Bombay Dyeing, NMDC, Praj Industries, GMR Infrastructure, Jindal Steel, GVK Power, Hindustan Zinc, Century Textiles, Torrent Power, Pantaloon Retail, Tata Teleservices, Chambal Fertilizers, Glenmark Pharma, IVRCL Infrastructure, Bharat Forge, Aurobindo Pharma, Arvind Mills, Everonn Systems, Varun Shipping, Simplex Infrastructure, Hindustan Oil Exploration, FSL, Aptech, UTV Software, LIC Housing Finance, Patel Engineering, Alstom Projects, KEC International, Phoenix Mills and KLG Systems were some of the big gainers today.

The market breadth was pretty strong today. Out of 2622 stocks traded on BSE, 1694 stocks closed on a positive note. 855 stocks posted losses and 73 stocks ended flat.
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Sensex ends up 5% on China plan

Equities surged on Monday to close sharply higher after China announced a financial package of 4 trillion yuan or $586 billion to tackle the menace of recession and boost growth. This had a positive impact on Asian stock markets. Shanghai Composite, Hang Seng and Nikkei zoomed on expectations that the move may lessen the global slowdown pressure. Indian equities too opened higher in line with Asian peers led by gains in shares of metal, power and capital goods stocks. Positive opening of European stocks took the market to higher levels.

Bombay Stock Exchange’s Sensex closed at 10,536.16, up 571.87 points or 5.74 per cent. The 30-share index touched an intra-day high of 10570.58 and low of 10095.90. National Stock Exchange’s Nifty ended at 3148.25, up 5.89 per cent or 175.25 points. The broader index hit a high of 3161.25 after opening at 2973.30.

All the sectoral indices ended with significant gains. BSE Metal Index surged 10.92 per cent, BSE Power Index climbed 7.84 per cent, BSE Oil&gas Index moved 6.11 per cent higher. However, second rung stocks underperformed the benchmarks. BSE Midcap Index closed 3.57 per cent up and BSE Smallcap Index ended 2.25 per cent higher. Sterlite Industries, up 13.43 per cent, was the standout performer in Monday’s trade. Tata Steel (12.81%), Tata Power (11.89%), Reliance Infrastructure (10.93%), Hindalco Industries (10.5%) and Bharti Airtel (9.13%) were the other gainers in the 30-share index. “There has been a sharp fall in stock prices of most metal companies and the market capitalisation of a stock like Sterlite Industries has fallen so sharply that the sum-of-parts valuation makes the scrip very attractive. It could be attractive opportunity for long-term investors to accumulate the stock at current levels,” a senior analyst of a foreign brokerage said. ITC (-1.37%) and Maruti Suzuki (-0.27%) ended with marginal losses. Market breadth was extremely positive with 1,696 advances against 853 declines on BSE. In Europe FTSE 100 was up 3.46 per cent, CAC 40 jumped 3.65 per cent and DAX moved 3.74 per cent higher. US markets are also likely to open higher. Dow Jones futures were up 2.09 per cent, S&P 500 stocks futures moved 2.45 per cent up and Nasdaq futures inched 2.46 per cent higher. However, Sarvendra Srivastava, head of technical research, Sharekhan, had a word of caution. “We are expecting some correction from 10,600-10,700 levels. Though the medium-term trend is up, in the short-term we may retrace to 10,000 as a test of strength,” he said.

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