Sensex surges 500 pts; RIL, Infy, NTPC, ICICI Bk, ONGC lead
At 14:25 hours IST, relentless buying across all the sectors was pushing the Sensex higher and higher. It gained 500 points while the Nifty surged 150 points. Among the sectors, the BSE Metal, Oil & Gas, Power, IT, Realty, Capital Goods and Bank indices were up 2.5-3.3%. TECk, Auto and FMCG indices went up 1.7-2.3%.
Finance Minister's strong statement on GDP growth and positive global cues were supportive to the benchmark indices. Finance Minister Pranab Mukerjee said India could clock as much as 9–10% gross domestic product (GDP) growth in two-three years and FY10 growth could reach 7.75%.
On the global front, European markets were trading 0.7% higher. Asian markets ended with good gains. Shanghai was up 0.76% and Hang Seng up 1.12%. Straits Times, Kospi and Taiwan Weighted gained 0.35-0.6%.
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The 50-share NSE Nifty was trading at 5,123, up 134 points and the Sensex gained 457 points at 17,149. These indices hit an intraday high of 5,135.05 and 17,191.85, respectively.
Top gainers - Hindalco shot up 9% and NTPC surged 6%. Sterlite Industries, Reliance Industries and ICICI Bank 3.5-4.5%. Infosys, L&T, M&M, Tata Steel, HDFC Bank, DLF, HDFC, Tata Motors, Jaiprakash Associates and ITC were up 2.5-3.5%.
Top gainers on the BSE Midcap - Emami, Gujarat NRE Coke, Great Offshore, Sunteck Realty and Sobha Developer went up 5-7.8%.
Top losers on the BSE Midcap - Kalpataru Power, Opto Circuits, Bayer Cropscience, Mahindra Holiday and Corporation Bank fell 1-1.6%.
Top gainers on the BSE Smallcap - AP Paper Mills was locked at 20% upper circuit; JSW Holdings, Adhunik Metalik, Action Construction and Jolly Boards gained 10-15%.
Top losers on the BSE Smallcap - Zandu Pharma lost 14.16%. GMR Industries, Aegis Logistics, NESCO and PVP Ventures declined 3.5-5%.
At 13:12 hours IST, the Sensex was strong in trade with gains of more than 400 points and was consistently holding the 17,000 mark. The 50-share NSE Nifty was also holding the 5,100 level. Both the indices were trading above these levels for the first time in the last six sessions. Further upmove in Asian markets and positive comments from Finance Minister about GDP (gross domestic product) growth helped the markets.
India can clock as much as 9–10% gross domestic product (GDP) growth in two-three years, Finance Minister Pranab Mukerjee has said. Speaking at an event, an optimistic Mukherjee said FY10 growth could reach 7.75%. India, which grossed a GDP growth of 7.9% in the third quarter of this fiscal, is one of the fastest growing economies in the world and a negative farm growth thanks to a dry spell this year is also not expected to adversely impact its growth. The GDP growth for the next two quarters was “likely to be bright”, Mukherjee said.
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Asian markets were positive; Shanghai and Hang Seng were up 0.8-0.9%. Straits Times, Kospi and Taiwan Weighted gained 0.35-0.6%.
Frontliners like Hindalco, NTPC, Sterlite Industries, Reliance Industries, ICICI Bank and SAIL were top gainers, up 3-6%%. Not a single share was in the red on the Sensex and Nifty.
The 30-share BSE Sensex was trading at 17,108, up 415 points and the Nifty was at 5,110, up 124 points. The broader indices gained 1.2-1.5%, as about 986 shares advanced while 256 shares declined on the BSE.
Zee Entertainment's board approved merger of ETC Networks with company. The company will consider detailed merger scheme on December 29. The stock was up 0.4% and ETC Networks gained 3.5%.
Heavyweight Reliance Industries surged 3.28%. Among other oil & gas stocks, GAIL, Cairn India and ONGC were up 2-3%. IOC, HPCL and BPCL gained 0.8-1.3%.
Infosys rose 3% in the oil & gas space. TCS, Wipro, HCL Tech and Tech Mahindra went up 1-2%.
Banking stocks like ICICI Bank and HDFC Bank moved up 2.5-3%. PNB, SBI, Kotak Mahindra, Axis Bank and Bank of Baroda were up 0.8-1.8%.
In the power pack, NTPC rallied 5.14%. NHPC, Power Grid Corp, Lanco Infratech, Neyveli Lignite, Suzlon Energy, Torrent Power, Siemens, GVK Power, BHEL, Reliance Infrastructure, Reliance Power, Tata Power, GMR Infra and Adani Power gained 1-3.3%.
Hindalco surged 6.37% in the metal space. Sterlite Industries, SAIL, NALCO, Tata Steel, Jindal Saw, Jindal Steel and JSW Steel were up 1.3-3.7%.
Top percentage gainers - Jumbo Bag and AP Paper Mills were locked at 20% upper circuit. Umang Dairies, JSW Holdings, Muthoot Cap, Adhunik Metalik and KSE were up 10-17%.
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Sensex surges 500 pts; RIL, Infy, NTPC, ICICI Bk, ONGC lead
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