Sensex soars 447 pts, ends above 10,600; Nifty jumps 130 pts

Sensex soars 447 pts, ends above 10,600; Nifty jumps 130 pts

With strong global markets providing them the trigger, the bulls had a perfect day out on the major Indian bourses today. As they kept lapping up stocks irrespective of the sectors they belonged to, the benchmark indices Sensex and the Nifty cruised along merrily and ended the session on a high note this afternoon. The hike in US Federal interest rates, at 25 basis points, was on expected lines. The statement by the Federal Reserve chief hinted at a possible pause on future rate hikes had lifted values of stocks in US and Asian markets. With that backdrop, the market never really had any trouble as it opened for trade this morning. There were no concerns such as expiry of derivatives contracts and the rise in crude oil prices did not prove a dampener either. After a flying start that saw the Sensex move past the 10,500 mark, the market remained rangebound for a long time. There was a mild bout of profit taking around mid afternoon, but the Sensex recovered in style and even managed to sail past the 10,600 mark in subsequent trades. While the BSE barometer ended the session with a thumping gain of 447.09 points or 4.4% at 10,609.25, a few points down from its intra-day high of 10,626.84, the broader 50 stock Nifty index of the National Stock Exchange, which hit a high of 3134.15, settled a few points below that level, at 3128.20, netting an impressive gain of 130.30 points or 4.35% for the day. The mood remained so positive that all the sectoral indices on the bourses ended on a high note today. The Metal index, which was the biggest gainer, closed 6% up. Reflecting the surge in values of capital goods stocks, the BSE CG index moved up by 5.14%. Oil & Gas, FMCG, Consumer Durables and Auto indices closed stronger by 4.3% - 4.6%. The IT and Teck indices firmed up by 3.18% and 3.39% respectively while the PSU index rose 3.85%. The Bankex went up by 2.87% while the Healthcare index, which gained the least in today's session, recorded a rise of 2.12%. Buying was not confined to large cap stocks. A number of stocks from the mid and small cap space too attracted firm buying enquiries today. Mirroring the gains posted by key stocks in these segments, the BSE Midcap and Smallcap indices gained 3.44% and 2.81% respectively. Reliance Communications Ventures extended its overnight gains. The stock, which had been taking a severe beating ever since it entered the Sensex, scored a hefty gain of 11.75% today. Car maker Maruti Udyog clocked a gain of 8.7%. Hindustan Lever moved up by around the same margin to Rs 229.10. Hindalco surged 7.7%. BHEL finished with a 6.1% gain. ACC, HDFC Bank, Gujarat Ambuja Cements, HDFC, Larsen & Toubro, Grasim Industries, ONGC, Reliance Industries, Tata Steel, Tata Motors, Satyam Computers and Bajaj Auto ended stronger by 4% - 6%. NTPC, Wipro, Tata Consultancy Services and ITC gained more than 3% each. Bharti Airtel, Cipla, Infosys Technologies, State Bank of India, Reliance Energy, ICICI Bank and Dr. Reddy's Laboratories also finished with impressive gains. Hero Honda, which remained somewhat subdued today, ended with a modest gain of around half a per cent. SAIL, Zee Telefilms, IPCL, Suzlon Energy, MTNL, GlaxoSmithKline, GAIL India, Siemens, Mahindra & Mahindra, VSNL and Punjab National Bank flared up to sharply higher levels. Tata Tea, HCL Technologies, ABB, Hindustan Petroleum Corporation, Tata Power and Oriental Bank of Commerce also ended with handsome gains. Sun Pharmaceuticals and Dabur India settled with marginal gains. Ranbaxy Laboratories was the lone Sensex component to miss out on the rally today. The stock price of the drug maker fell nearly a per cent to Rs 356.40. It was a trip down south for airlines major Jet Airways too. The stock, which has been moving downstream for a long time, suffered a loss of 3.6% today. BPCL, the other prominent stock to end on the losing side today, drifted down by 1.55%. The market breadth remained highly positive right through the session. When trading ended, as many as 1683 stocks, out of a total of 2438 stocks that were traded on BSE today, had advanced into the positive territory. 685 stocks closed weak while 70 stocks finished unchanged from their previous closing levels.