The Reserve Bank's rate cut move and government's second fiscal stimulus package kept the markets positive throughout the session. Positive global markets also lent support. The Nifty managed to cross the 3,100 mark in the last half an hour of trade and closed above the same level. The Sensex surged above the 10,300 level in trade today. Buying in shares of oil exploration, banking, capital goods, auto, technology (barring Satyam) and metal helped the markets a lot. Major leading players were Reliance Industries, ONGC, ICICI Bank, SAIL, HDFC, Reliance Communication, Infosys, TCS, Sterlite Industries, L&T, HDFC Bank and Tata Steel, which gained 3-11%. SBI and BHEL went up nearly 2%. However, Bharti Airtel, NTPC, DLF, HUL, Satyam, ITC and Hero Honda were under pressure. The Reserve Bank of India cut the cash reserve ratio by 50 basis points on Friday, and both the repo and reverse repo rates by 100 bps. (100 bps=1%) The CRR now stands at 5%, while the repo rate post the cut stands at 5.5% from 6.5% earlier. The reverse repo rate is now at 4% from 5% earlier. The government announced a second fiscal stimulus package amounting to Rs 20,000 crore on Friday. The 30-share BSE Sensex closed at 10,275.60, up 317.38 points or 3.19% over previous close. The 50-share NSE Nifty was up by 2.45% or 74.70 points, to settle at 3121.45. Metal Index outperformed other indices, jumped 5.54% or 307.84 points to 5,869.08. Sterlite Industries, Hind Zinc, Jindal Saw, SAIL, Tata Steel and JSL went up 5-10%. Oil & Gas Index surged 5.10% or 318.23 points to 6,559.66, due to buying mainly in shares of oil exploration companies. ONGC and Reliance Industries were up 6.4%. However, IOC, BPCL and HPCL lost 0.6-1.6%. Crude February Futures was trading at USD 46-47 a barrel on the NYMEX. Banking stocks witnessed huge buying interest as well. ICICI Bank shot up 6.04%. HDFC Bank and SBI rose 2.4-2.7%. BSE Bankex was up by 200.56 points or 3.53% at 5,874.87. Capital goods stocks were also on the buyers' radar like L&T gained 3.87% and BHEL up 2.06%. Index shot up 2.83% or gained 206.42 points at 7,493.25. IT Index went up 2.4% or 54.90 points to 2,339.10. Infosys, Tech Mahindra and TCS surged 3.6-3.9%. HCL Tech and Wipro were up 1-2.6%. However, Satyam tumbled 5.7%. Buying was also seen in power stocks like Tata Power, which shot up 7.76%. Reliance Infrastructure and Suzlon Energy were up 4.6-5.6%. CESC, Torrent Power and Reliance Power rose 1-2.7%. BSE Power Index was up by 33.37 points or 1.75% at 1,941.52. There was some mixed bag in telecom space, as Reliance Communication and Tata Comm surged over 5%. Tata Teleservices and MTNL rose 1.6-2.7%. However, Bharti Airtel lost 2.76%. Auto Index ended with a gain of 32.73 points or 1.3% at 2,553.82. M&M, Bharat Forge, Maruti Suzuki and Tata Motors gained 2-3%. Healthcare Index closed almost flat at 2,995.33. Dishman Pharma, Glenmark, Biocon and Dr Reddys Labs were gainers while Sun Pharma Advanced, Matrix Lab, Sun Pharma and Wockhardt were losers. However, selling was seen in realty and FMCG stocks. BSE Realty Index fell 0.33% at 2,464.28 and FMCG Index lost 0.53% at 1,996.03. Among the realty stocks, DLF fell 1.60% while Unitech gained 2.59%. In the FMCG space, Marico, HUL, Tata Tea, Godrej Consumer and ITC lost ground. However, United Breweries, United Spirits and Britannia were up. Market breadth was positive due to upsurge in broader indices; about 1,777 shares advanced while 940 shares declined. Nearly 85 shares remained unchanged. Among the broader indices, BSE Midcap Index gained 60.46 points or 1.78% at 3,451.64 and Small Cap Index rose 1.21% or 46.92 points to 3,917.37. Among the midcap stocks, BL Kashyap, SREI Infra, Dena Bank, Kalpataru Power, IFCI and Jindal Drilling shot up 12-20%. In the small cap space, Kiri Dyes Chemical, Man Industries, TIL, JMC Projects, Infomedia 18, Subhash Project and Alphageo were up 15.4-16.8%. Total traded turnover was at Rs 49,265.86 crore. This includes Rs 10,871.11 crore from NSE Cash segment, Rs 34,219.31 crore from NSE F&O and the balance Rs 4,175.44 crore from BSE Cash segment. On the global front, Asian markets ended strong. Straits Times surged 5.2%. Shanghai and Hang Seng gained 3.3-3.5%. Nikkei and Taiwan went up 2.07-2.33%. Kospi rose 1.4% and Jakarta shot up 6.04%. European markets were trading higher since beginning, but these indices also turned mixed after 3:30 pm. FTSE rose 14 points to 4,575 and DAX up 15 points to 4,988. However, CAC fell 7.34 points to 3,342, at 3:40 hours IST. The Dow Jones Futures was down 28 points at 8,930 and Nasdaq Futures fell 1.25 points to 1251.75.

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