Sensex races to a new high, ends 472 pts up

NIFTY 5702.30 133.35
SENSEX 19243.17 472.28

The market regulator SEBI went ahead and approved all draft proposals at its board meeting on Thursday. But then, the bulls remained undeterred by the move to tighten investment rules for unregistered foreign entities. Instead, the smooth rollover of derivatives contracts, a good set of results from India Inc and firm global markets prompted them to go on a buying spree today.
Save for a brief while in morning trade, when it slipped and fell to 18,629.53, losing around 140 points, the Sensex stayed high up in the positive territory right till the end of the session. The splendid rally in blue chip stocks lifted it to a new high of 19,276.45 in afternoon trade and despite finishing a few points down from that level at 19,243.17, the barometer recorded a sparkling gain of 472.28 points or 2.52% today.

The National Stock Exchange's CNX Nifty index, which hit a high of 5716.90 - it fell short of its all-time high of 5736.80 - in intra-day trades, settled at 5702.30, netting a big gain of 2.39% or 133.35 points for the day.

Bharti Airtel (down 2.55%), Hindustan Unilever (down 1.3%), Ambuja Cements (down 1.2%), ITC (down 1.1%), Ranbaxy Laboratories (down 1.05%), Cipla (down 0.9%) and Dr. Reddy's Laboratories (down 0.4%) ended on a weak note.

Larsen & Toubro, with strong quarterly results and a fat order book buoying it up, vaulted by 12.2% to Rs 3876.80 today. BHEL closed with a handsome gain of 6.25%.

State Bank of India turned in an impressive performance and notched up a smart gain of 7.2%. ICICI Bank finished with a gain of 3.35%. Mahindra & Mahindra (3.8%), ONGC (3.8%), Satyam Computer Services (3.2%), NTPC (2.55%), Reliance Industries (2.45%), Tata Motors (2.2%), Maruti Udyog (1.95%), Reliance Communications (1.9%), Tata Consultancy Services (1.9%), Grasim Industries (1.8%), ACC (1.75%), HDFC (1.65%) and Reliance Energy (1.25%) also ended with strong gains.

Bajaj Auto, HDFC Bank, Hindalco, Infosys Technologies and Wipro finished with modest gains. Tata Steel closed marginally higher than its previous closing price.

Nalco, Reliance Petroleum, SAIL, GAIL India, Sterlite Industries, Sun Pharmaceuticals, VSNL, Unitech, Hindustan Petroleum Corporation, Tata Power, Suzlon Energy and Zee Entertainment closed on a high note. Siemens and MTNL also finished with smart gains.

Engineers India hit the 20% upper circuit today. Dredging Corporation (17.75%), HMT (15.8%), IndusInd Bank (14%), Jaiprakash Associates (12.95%) and Container Corporation (11.85%) closed with hefty gains.

Ashok Leyland, Finolex Cables, GE Shipping, Bharat Earth Movers and Crompton Greaves gained 7% - 10%. Bharat Forge, Nicholas Piramal, Power Finance Corporation, Adani Enterprises, Axis Bank and Jindal Steel also closed with handsome gains.

Lakshmi Machine Works, Gujarat NRE Coke, India Infoline, Everest Kanto Cylinder, Gujarat Alkalies, Time Techno, Gitanjali Gems, Simplex Infrastructure, Bilcare, Cranes Software, Tube Investments, Redington India and Nagarjuna Constructions were among the big gainers in the midcap index.

Among small caps, Disa India, Nesco, Electrosteel Castings, OCL India, Marg Constructions, GE Capital, Ratnamani Metals, TIL, Atul, ITD Cementation, Parry Agro, India Hume Pipe, Zandu Pharma, Hercules Hoist, Info Media, Nirlon, Tata Sponge, ITI and Viceroy Hotels were among the leading gainers today.

Among the sectoral indices, barring the FMCG index, which eased by 0.28%, the other indices ended on the positive side. The Capital Goods index, the biggest gainer, moved up by over 7%. Mirroring investor interest for stocks from midcap and smallcap segments, the BSE Midcap and Smallcap indices ended stronger by 2.19% and 1.96% respectively.

The market breadth, thanks to an extremely bullish mood, remained strong right through the session today. The volume of business was fairly good today.

Sensex ends 472 pts up

Inflation rate remains steady at 3.07%



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