Consistent buying in across all sectors helped the market to retain its morning gains. Positive global cues lifted the confidence of Indian equity markets today; Asian markets were up 1.5-2.7% following a 2-3% rally in European markets yesterday. The Sensexwas up 333 points at 15,851.29 and the Nifty rose 102 points to 4,738.55.
Frontrunners like Tata Steel, Coal India, DLF, Tata Power and Tata Motors were biggest gainers among Sensex 30, which gained 4.5-5%. Kotak Mahindra Bank topped the buying list, which shot up over 7%.
Index heavyweights ICICI Bank, Infosys, Reliance Industries, L&T, TCS, SBI and Bharti Airtel gained 1.7-3.4%.
However, oil marketing companies' shares continued to trade lower post these companies agreed not to hike petrol prices. BPCL, HPCL and IOC were down 1-1.5%.
The market breadth looked strong; about three shares gained for every share falling on the BSE.
In the second line shares TV18 Broadcast and Network 18 shot up 20% each on The Economic Times reports that Reliance Industries - flagship company of Mukesh Ambani group - will invest Rs 1500 crore in the TV18 group.
Among other midcaps, Delta Corp, VIP Industries and Deccan Chronicle were up 7-8% while Gitanjali Gems, Redington, FAG Bearings, Vaarad Ventures and Gillette India lost 1-4%.
In the smallcap space, TV Today Network, Dolphin Offshore, Spanco, NDTV and SPML Infra jumped 11-14% whereas Sahara One, Gallantt Ispat, PFL Infotech, Alchemist and Usher Agro fell 5-7.5%.
At 11:44 hours IST : Heavyweights drive Nifty up 2%; Coal India shoots up
The Nifty maintained its 4700 level smoothly led by major sectors technology, banking, capital goods, metals and oil & gas. Rising 5%, Coal India topped the buying list for second consecutive session after the company's new pricing mechanism. The Sensex was up 306 points at 15,824.17 and the Nifty gained 93 points at 4,729.45.
Adrian Mowat, chief asian and emerging equity strategist, JPMorgan believes that valuations are looking better now after India's stark underperformance. He is expecting RBI to ease policy in response to weak economy environment. Maintaining his positive outlook, he pointed out that cooling off inflation and easing of RBI will trigger off Indian market.
All sectoral indices showed good performance on the second session of 2012. The BSE Realty, Metal, Capital Goods and Bankex gained 2% each.
Index heavyweights Reliance Industries and ONGC moved up 1.6% and 1%, respectively. Technology majors Infosys and TCS rallied 2.5% while Wipro shot up 3.5%.
Among banking and financial stocks, ICICI Bank, Axis Bank and SBI rose 2.6-3%; HDFC Bank and HDFC were up 1-1.5%. Kotak Mahindra Bank jumped nearly 5%.
In the capital goods space, shares of L&T and BHEL gained over 2.5%. Among realty stocks, DLF rallied 4%.
Metal stocks too were shining; Tata Steel, JSPL and Sterlite Industries were up 2.5-4%. Shares of telecom major Bharti Airtel was up 2%.
Auto stocks were also on buyers' radar; Tata Motors surged 3.8%; Maruti and Hero Motocorp and Bajaj Auto were up 0.7-2% while M&M lost 1.3%.
The broader indices too were following the trend in benchmarks; the BSE Midcap and Smallcap indices rose 1% each.
( Enjoy Moneycontrol.com on iPad and be prepared for a fantastic experience. Get real time stock quotes, interactive charts, market buzz, and watch CNBC-TV18, CNBC Awaaz live on your iPad. Check out the free moneycontrol app.
No comments:
Post a Comment