AP: Markets end higher led by commodity, realty stocks news
The benchmark indices remained on the higher side throughout the session, barring some volatility, as there was a buzz the whole day with advance tax numbers. It was a continuation of recovery that we saw on Friday, when indices closed with marginal gain. Positive Asian markets was another reason that markets gained momentum. Oil, realty, metal, capital goods, select power and telecom stocks supported the indices well followed by sugar and cement stocks. Midcap and small cap stocks have continued upsurge today as well.
The 50-share NSE Nifty crossed 3000 mark during the day, but could not close above the same level. It was up 2.05% or 59.85 points at 2981.20 over previous close. The 30-share BSE Sensex gained 142.32 points or 1.47% at 9,832.39; after seeing an intraday high of 9,948.33.
Reliance Industries, ONGC, NTPC, SAIL, Bharti Airtel, L&T, HDFC Bank, Sterlite Inds, ICICI Bank and Tata Steel supported the markets. However, Reliance Communication, TCS, SBI, HDFC, Wipro, Tata Power and HCL Tech were losers.
Biggest outperformance was seen from midcap and small cap indices, as it was the fourth consecutive day that these indices have been surged. BSE Midcap Index was up by 114.59 points or 3.76% at 3,165.07 and Small Cap Index rose 128.13 points or 3.63% to 3,659.09.
Market breadth was strong due to positive broader indices. About 2011 shares advanced while 633 shares declined. Nearly 556 shares remained unchanged.
Among the midcap stocks, India Infoline, Welspun Gujarat, GMDC, Motherson Sumi and Shiv Vani Oil gained 19-24.5%
In the small cap space, Titagarh Wagons, JSW Holdings, English India, Cholamandalam and Transformers jumped 20% each.
Sugar stocks were upbeat on news that the court finalised Rs 10.58 per quintal cane transport rebate for UP mills. Bajaj Hindustan shot up 16.91%, Balrampur Chini and Triveni Engg went up around 11%.
Cement stocks like ACC, Ambuja Cements, Grasim, India Cements and Shree Cements were up 4-9%.
Realty stocks (especially midcap realty) continued to gain on back of rate cut by PSU banks. OP Bhatt, Chairman, State Bank of India, at a conference said interest rates for home loans between Rs 5–20 lakh would at 9.25%. "Rates for home loans falling under the sub-Rs 5 lakh bracket would be at 8.5% and there would be no process or prepayment fees. Home loan interest rates under the package would fall even more if rates fall more."
BSE Realty index was up 117.69 points or 5.53% at 2,245.87. HDIL, Orbit Corporation, Puravankara Projects and Ansal Properties surged 12-16.65%. Omaxe, Mahindra Life, Indiabulls Real, Peninsula Land, Parsvnath and Sobha Developer rose 6-9%. Unitech shot up 10.5% and DLF gained 1.57%.
Commodity stocks like metal was another gainer in today's session. BSE Metal Index went up 273.34 points or 5.19% at 5,538.47. SAIL, Jindal Saw, JSL, Hindalco, Sterlite Inds and Tata Steel rose 4.2-8.8%.
Oil stocks like ONGC surged 4.09% and Reliance Industries up 2.44%. Oil & Gas index was up by 199.59 points or 3.25% at 6,344.94.
Capital Goods Index closed with a gain of 216.94 points or 3.18% at 7,044.48. L&T gained 4.24% and BHEL up 1.12%.
Pharma stocks like Biocon, Sun Pharma Advanced, Glenmark, Wockhardt, Matrix Labs, Cipla, Dr Reddys Labs and Ranbaxy Labs jumped 1.9-18%. Healthcare Index rose 58.80 points or 2.09% to 2,868.23.
Auto Index gained 46.23 points or 1.94% at 2,423.52. M&M, Tata Motors, Bharat Forge, Hero Honda and Maruti Suzuki were up 0.5-3.5%.
Power Index was up 29.32 points or 1.67% at 1,787.65. GVK Power gained 10.81%. Torrent Power, Suzlon Energy, Reliance Power and NTPC rose 2-4.4%.
Bankex closed at 5,139.93, up 1.51% or 76.68 points over previous close. ICICI Bank and HDFC Bank gained 1.7-2.7%. However, SBI lost 0.84%.
FMCG Index gained 14.41 points or 0.74% at 1,959.91. Marico, HUL, Tata Tea and ITC were gainers.
Telecom stocks like MTNL and Idea Cellular jumped 6-8%. Bharti Airtel and Tata Communication rose 2%. However, Reliance Communication lost 4.09%.
However, technology stocks like HCL Tech, TCS, Wipro and Infosys tumbled 0.57-2.6%. BSE IT Index was down just 5.13 points at 2,286.20.
Total traded turnover was at Rs 53,175.60 crore. This includes Rs 11,065.87 crore from NSE Cash segment, Rs 37,645.87 crore from NSE F&O and the balance Rs 4,463.86 crore from BSE cash segment.
Asian markets ended strong ahead on hopes of auto bailout package, Fed rate cut and Obama's stimulus package in 2009. Nikkei gained 5.21% and Kospi up 4.93%. Hang Seng, Straits Times and Taiwan rose 1.96-2.96%. Jakarta surged 7.63% and Shanghai up just 0.52%.
