The market, which opened with a positive gap but soon turned weak amid high volatility this morning, bounced back strongly in afternoon trade thanks to sustained buying in oil and information technology stocks.
Besides strong global markets, some stock specific stories such as reports of Reliance Industries' discussions with Marks & Spencer for apparel and food cafes and Reliance Power's bonus announcement also aided the sentiment.
As the mood turned buoyant, a host of stocks from capital goods, pharma, realty and power sectors too rebounded smartly this afternoon and signed off in style. Midcap stocks, which had a weak morning session, wiped off almost their entire losses. Smallcaps regained a significant portion of lost ground during the final hour of trade.
The Sensex, which had tumbled to 17,137.99 this morning, hit a high of 17,674.06 in late afternoon trade and finally settled at 17,650.57, netting a big gain of 301.50 points or 1.74% for the day. The Nifty, which rose to a high of 5212.35 this afternoon, ended with a gain of 1.76% or 89.95 points at 5200.70.
Reliance Industries (up 5.05% to Rs 2551.70) played a stellar role in lifting the Sensex today. Cement stocks ACC (5.7%), Ambuja Cements (4.45%) and Grasim Industries (4.25%), power stocks Reliance Energy (4.3%) and NTPC (2.75%) and automobile major Maruti Suzuki (4.1%) also moved up sharply.
Among IT majors, Wipro shot up by 4.1%. Satyam Computer Services gained 2.65%. Infosys Technologies posted a gain of 2.15% and Tata Consultancy Services, which remained somewhat subdued, ended with a marginal gain.
Hindalco (2.45%), Ranbaxy Laboratories (2.45%), Larsen & Toubro (1.75%), Cipla (1.75%), Tata Motors (1.7%), Reliance Communications (1.65%), ONGC (1.55%) and BHEL (1.3%) finished with impressive gains. ICICI Bank bounced back well to end nearly a per cent up. ITC, DLF, HDFC, State Bank of India and Tata Steel closed with modest gains. Bharti Airtel ended with a very small gain.
Hindustan Unilever and Mahindra & Mahindra ended slightly behind their previous closing levels. Bajaj Auto lost a little over 4%. HDFC Bank (down 3.5%) eased on selling pressure. The boards of HDFC Bank and Centurion Bank of Punjab have given their in-principle approvals for a merger of the two entities. Centurion Bank of Punjab went down by 14.2% to Rs 48.35.
GAIL India, HCL Technologies, Nalco, Sun Pharmaceuticals, Idea Cellular, Unitech, Hero Honda, Cairn India, GlaxoSmithKline Pharma, BPCL, Siemens, Sterlite Industries, Reliance Petroleum, Tata Communications and Zee Entertainment were among the prominent gainers from the Nifty index. Suzlon Energy lost 2.4%. Tata Power posted a loss of 0.6%.
Reliance Power rose sharply on sustained buying on the back of the company declaring a bonus issue in the ratio of 3:5. The stock, among the most sought after scrips today, ended the session with a handsome gain of 8.05% at Rs 450.40. IPCA Laboratories, HMT, Jaiprakash Associates, India Cements, Gujarat Narmada, TVS Motor and Century Textiles were among the other prominent gainers from BSE 'A' Group.
KS Oils, M&M Financial Services, Gujarat NRE Coke, REI Agro, Prakash Industries, Usha Martin, Religare Enterprises, Educomp Solutions, Karnataka Bank, Shree Precoated Steels, Jain Irrigation Systems, Great Offshore, Texmaco and Triveni Engineering were some of the major gainers in the midcap index.
Tulsi Extrusions made a sparkling debut today. The stock, which was among the most actively traded on the bourses today, ended at Rs 140.85, a premium of nearly 66% to its IPO price of Rs 85. IRB Infrastructure ended its maiden outing with a modest gain of 2.55% at Rs 189.65.
Though the premier indices ended with impressive gains, the market breadth remained weak today. Out of 2740 stocks traded on BSE, 1605 stocks closed weak. 1066 stocks posted gains and 69 stocks ended at their previous closing levels.
Source : sify.com
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