A few frontline stocks moved in a highly listless manner in afternoon trade and a few stocks even declined sharply on selling pressure. But the benchmark indices Sensex and Nifty, which had opened on a rousing note this morning, bounced back strongly from their lower levels and ended the session with impressive gains today.
While the Sensex which opened with a positive gap of nearly 100 points and swung in a range of nearly 350 points - it hit a high of 15,351.31 and a low of 15,056.09 today - ended with a gain of 294.57 points or 1.96% at 15,289.40, the Nifty settled with a gain of 0.78% or 35.90 points at 4609.85. In intra-day trades, the Nifty touched a high of 4649.45 and a low of 4539.80.
A smart recovery in global markets triggered some strong buying in blue chip stocks this morning. Though key stocks from banking, information technology and FMCG sectors held firm, realty, metal, power and capital goods stocks drifted lower on selling pressure. Select capital goods stocks, however, managed to bounce back in late afternoon trade. Automobile stocks had a mixed run. Oil stocks remained highly subdued and not much buying took place in pharma sector as well. Mid and smallcap stocks were hammered almost right through the session. Mirroring the sell-off in these segments today, the BSE Midcap and Smallcap indices tumbled by 2.66% and 3.77% respectively. The market breadth was weak right through the session. Out of 2717 stocks traded on BSE today, as many as 2149 stocks ended with losses. 534 stocks posted gains and 34 stocks ended at their previous closing levels.
Housing finance stock HDFC turned in a sparkling display and posted a handsome gain of 7.75%. Wipro shot up by nearly 6%. HDFC Bank, ICICI Bank and State Bank of India, the banking sector heavyweights, ended stronger by 5.35%, 5% and 2.7% respectively. Hindustan Unilever notched up a gain of 4.35%. ACC firmed up by 3.8%. Larsen & Toubro (3.5%) and Bharti Airtel (2.95%) also finished with strong gains. Index heavyweight Reliance Industries, which remained subdued for a better part of the session, rallied smartly during the closing minutes to post a sharp gain of 1.95%.
Tata Steel went down by over 7% today. Reliance Energy closed with a loss of 4.6%. DLF lost 4%. Jaiprakash Associates and Maruti Suzuki eased by 1.8% and 1.3% respectively. Ranbaxy Laboratories (down 0.85%) and Hindalco (down 0.7%) also closed weak. NTPC and Cipla ended flat.
HCL Technologies (up 7.55% to Rs 274.05) was the biggest gainer in the Nifty today. Nalco flared up by 6.65%. Punjab National Bank gained a little over 5%. Tata Power, Dr. Reddy's Laboratories, BPCL and Idea Cellular gained 3.5% - 4.5%. Sun Pharmaceutical, Tata Communications and Power Grid also closed with impressive gains.
Cairn India declined by 9.35% to Rs 202.60. SAIL (down 5.8%), Unitech (down 5.35%), Sterlite Industries (down 4.25%) and Suzlon Energy (down 2.2%) also ended with sharp losses. Gujarat NRE Coke lost 16.95% due to heavy selling at the counter. Brigade Enterprises eased by over 16%. Aban Offshore lost 16%. JSW Steel, India Bulls, Bajaj Hindustan, Essar Shipping, Areva, HMT, Parsvnath Developers and Deccan Aviation lost 9% - 12%. Bajaj Holdings, Moser Baer, Welspun Gujarat, Rajesh Exports, Akruti City, Triveni Engineering, Ispat Industries and Videocon Industries also finished with sharp losses today.
Source: Sify
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