vengabeats
Nilesh Nagdev
The market opened on a listless note this morning, and after an initial setback, rallied into the positive territory but struggled to make a strong headway as investors remained a bit reluctant to build up positions at higher levels. However, thanks to resumption of buying in frontline IT, FMCG, and in index majors Reliance Industries and ONGC, the Sensex cruised past the 10,700 mark to a high of 10,729.92 in late afternoon trades today.
Steady global markets and expectations of buoyant quarterly numbers lifted prices of key old and new economy stocks up sharply into the positive territory this afternoon. Though price movements proved a bit listless during the closing minutes, the benchmark BSE index Sensex still managed to romp home with a handsome gain of 86.01 points or 0.81% as it settled at 10,695.26. The Nifty, which touched a high of 3160.35, ended at 3150.95, netting a gain of 0.73% or 22.75 points.
Besides key information technology and FMCG stocks, select shares from oil, metal, capital goods, PSU and banking sectors attracted attention. Reflecting the sharp gains recorded by technology and FMCG stocks, the BSE IT and FMCG indices surged 1.53% and 1.58% respectively. The Teck index notched up a gain of 1.25%.
Auto stocks, which enjoyed a bright spell in the positive territory during the morning session, turned easy as the day progressed. As investors remained focused on large caps, not much buying was seen in the mid and smallcap space today.
Tata Consultancy Services (3.7%), Infosys Technologies (2.45%), Hindustan Lever (3.4%), State Bank of India (2.05%), Reliance Communications Ventures (1.9%), Tata Steel (1.7%), ONGC (1.4%), Reliance Industries (1.2%), Satyam Computers (1.1%) and ITC (1%) made smart progress today.
Larsen & Toubro, Dr. Reddy's Laboratories and Hindalco closed with moderate gains. ICICI Bank, which moved in a tight range today, ended with a modest gain of 0.3% at Rs 488.85. Ranbaxy Laboratories, NTPC, Bajaj Auto, Reliance Energy and HDFC finished marginally higher than their previous closing levels.
Wipro, which started off on a strong note, lost its way immediately thereafter, and amid alternate bouts of buying and selling, ended the session with a 2.3% loss. Grasim Industries slipped 1.75% to Rs 1899. Tata Motors, which finished around Rs 13 down from its intra-day high of Rs 809.20, recorded a loss of a little over a per cent.
HDFC Bank, Maruti Udyog, Cipla, Gujarat Ambuja Cements, ACC, Hero Honda, BHEL and Bharti Airtel ended weak.
Besides Infosys, TCS and Satyam Computers, Allsec Technologies, 3i Infotech, Kale Consultants, Aptech, TVS Electronics, Infotech Enterprises, Micro Technologies, NIIT Technologies, HCL Infosys, D-Link India, Dynamatic Technologies, Rolta India, Mphasis BFL, NIIT, HCL Technologies, Tata Elxsi, Moser Baer and CMC were among the prominent gainers in the IT index.
Among FMCG stocks, Satnam Overseas, Colgate Palmolive, Willamson Tea, Parry Agro, Champagne Adage, Jayshree Tea, Emami, Procter & Gamble, Jindal Photofilms, Marico, Nestle, CCL Products, Walchandnagar Industries and RayBan Sun Optic gained ground.
Metal stocks Vesuvius India, Enkei Castalloy, Shah Alloys, Bhushan Steel, Jai Corp, Navabharat Ferro Alloys, Jindal Stainless, Uttam Galva, Tata Metaliks, SAL Steel, Tata Sponge, Texmaco, Mahindra Ugine, Madras Aluminium, Ennore Foundaries, Jindal Steel and Nalco recorded handsome gains today.
In the midcap space, Deccan Chronicle Holdings, the biggest gainer today, moved up by nearly 15%. Welspun India notched up a handsome gain of 12.55%. DCM Shriram, Asian Star, TV 18, Orchid Chemicals, Vesuvius India, Astra Micro, Berger Paints, BF Utilities, Ansal Infrastructure, Unitech, Everest Kanto, Dalmia Cement (Bharat), Penland, Thermax and OCL India were among the other top gainers today.
The market breadth, which was highly positive this morning, turned slightly negative in afternoon trades and when the session ended, had turned a bit positive again. Out of 2428 stocks traded on BSE, 1195 stocks finished on the positive side. 1156 stocks ended in the negative territory while 77 stocks closed flat.
Steady global markets and expectations of buoyant quarterly numbers lifted prices of key old and new economy stocks up sharply into the positive territory this afternoon. Though price movements proved a bit listless during the closing minutes, the benchmark BSE index Sensex still managed to romp home with a handsome gain of 86.01 points or 0.81% as it settled at 10,695.26. The Nifty, which touched a high of 3160.35, ended at 3150.95, netting a gain of 0.73% or 22.75 points.
Besides key information technology and FMCG stocks, select shares from oil, metal, capital goods, PSU and banking sectors attracted attention. Reflecting the sharp gains recorded by technology and FMCG stocks, the BSE IT and FMCG indices surged 1.53% and 1.58% respectively. The Teck index notched up a gain of 1.25%.
Auto stocks, which enjoyed a bright spell in the positive territory during the morning session, turned easy as the day progressed. As investors remained focused on large caps, not much buying was seen in the mid and smallcap space today.
Tata Consultancy Services (3.7%), Infosys Technologies (2.45%), Hindustan Lever (3.4%), State Bank of India (2.05%), Reliance Communications Ventures (1.9%), Tata Steel (1.7%), ONGC (1.4%), Reliance Industries (1.2%), Satyam Computers (1.1%) and ITC (1%) made smart progress today.
Larsen & Toubro, Dr. Reddy's Laboratories and Hindalco closed with moderate gains. ICICI Bank, which moved in a tight range today, ended with a modest gain of 0.3% at Rs 488.85. Ranbaxy Laboratories, NTPC, Bajaj Auto, Reliance Energy and HDFC finished marginally higher than their previous closing levels.
Wipro, which started off on a strong note, lost its way immediately thereafter, and amid alternate bouts of buying and selling, ended the session with a 2.3% loss. Grasim Industries slipped 1.75% to Rs 1899. Tata Motors, which finished around Rs 13 down from its intra-day high of Rs 809.20, recorded a loss of a little over a per cent.
HDFC Bank, Maruti Udyog, Cipla, Gujarat Ambuja Cements, ACC, Hero Honda, BHEL and Bharti Airtel ended weak.
Besides Infosys, TCS and Satyam Computers, Allsec Technologies, 3i Infotech, Kale Consultants, Aptech, TVS Electronics, Infotech Enterprises, Micro Technologies, NIIT Technologies, HCL Infosys, D-Link India, Dynamatic Technologies, Rolta India, Mphasis BFL, NIIT, HCL Technologies, Tata Elxsi, Moser Baer and CMC were among the prominent gainers in the IT index.
Among FMCG stocks, Satnam Overseas, Colgate Palmolive, Willamson Tea, Parry Agro, Champagne Adage, Jayshree Tea, Emami, Procter & Gamble, Jindal Photofilms, Marico, Nestle, CCL Products, Walchandnagar Industries and RayBan Sun Optic gained ground.
Metal stocks Vesuvius India, Enkei Castalloy, Shah Alloys, Bhushan Steel, Jai Corp, Navabharat Ferro Alloys, Jindal Stainless, Uttam Galva, Tata Metaliks, SAL Steel, Tata Sponge, Texmaco, Mahindra Ugine, Madras Aluminium, Ennore Foundaries, Jindal Steel and Nalco recorded handsome gains today.
In the midcap space, Deccan Chronicle Holdings, the biggest gainer today, moved up by nearly 15%. Welspun India notched up a handsome gain of 12.55%. DCM Shriram, Asian Star, TV 18, Orchid Chemicals, Vesuvius India, Astra Micro, Berger Paints, BF Utilities, Ansal Infrastructure, Unitech, Everest Kanto, Dalmia Cement (Bharat), Penland, Thermax and OCL India were among the other top gainers today.
The market breadth, which was highly positive this morning, turned slightly negative in afternoon trades and when the session ended, had turned a bit positive again. Out of 2428 stocks traded on BSE, 1195 stocks finished on the positive side. 1156 stocks ended in the negative territory while 77 stocks closed flat.