Wednesday, April 15, 2009

Sensex Crossed 11000 Pts, Zoomed 318 Pts To A New 6-Month High

. Wednesday, April 15, 2009

By stockOzone team

The bulls arrived a bit late but then made their presence felt in such a way that the bears were seen running for cover till the very end of the session today. Global markets did not give any positive cues and IT bellwether Infosys Technologies, despite posting a fairly decent rise in quarterly earnings, gave a weak earnings forecast for financial year 2010.

The 5 Minute wrap-up
As stocks, led by IT majors, went tumbling down, the benchmark BSE index Sensex went crashing down by nearly 250 points to 10,717.18 in early trade this morning. However, it did not have to stay long in the red as realty, capital goods, bank and auto stocks rallied sharply on some hectic buying in morning trade.

Stocks from other sectors too joined the rally soon and the Sensex, gaining in strength quite consistently, crossed 11,000 mark in mid morning trade and moved way beyond to a high of 11,337.75 in during the final hour. The barometer eventually ended the session at 11,284.73 with a thumping gain of 317.51 points or 2.9%.

Top gainers
The National Stock Exchange's Nifty index, which had slipped to 3311.80 after opening at 3381.45, rallied to 3497.55 before settling for the day at 3484.15, netting an impressive gain of 101.55 points or 3%.

Worst losers
Forecast of a good monsoon and expectations that the Apex bank would come out with some monetary measures following the sharp drop in inflation turned on the bulls and both Sensex and Nifty hit their best marks in more than six months today.

Realty stocks were in strong demand today and mirroring this, the BSE Realty index shot up by as much as 8.79%. The Capital Goods index advanced by 7.36%. The Bankex moved up by over 4.5%. BSE Power (5.19%), HealthCare (4.05%), Auto (3.86%), PSU (3.61%), Metal (3.45%) and Oil & Gas (2.35%) also rallied sharply.

The Consumer Durables, Teck and FMCG barometers ended higher by 0.96%, 0.71% and 0.67% respectively. Thanks to strong buying at lower levels, key software stocks regained a substantial portion of lost ground and the IT index, down by over 5% at one stage, trimmed its loss to around 1.7%.

There was hectic buying once again in midcap and smallcap segments. Reflecting investor interest for these stocks, the BSE Midcap and Smallcap indices surged 3.95% and 5.32% respectively.

Among Sensex losers, Infosys Technologies, which had dropped down to a low of Rs 1300.05 in early trade, ended 2.7% down at Rs 1370.80. Tata Consultancy Services lost 2.35%.

HDFC Bank eased by 1.15%. Tata Power, Sterlite Industries and ITC lost 0.75% - 0.9% while ONGC, the other loser, settled lower by around a quarter per cent.

Tata Motors, extending its winning streak, notched up as much as 11.5% today. DLF gained 10% on sustained buying in afternoon trade. BHEL ended with a big gain of 9.5%. Reliance Infrastructure, ICICI Bank, Larsen & Toubro, State Bank of India and Ranbaxy Laboratories gained 6.25% - 7%.

Sun Pharmaceuticals, Mahindra & Mahindra, HDFC, Reliance Communications, Hindalco, Jaiprakash Associates, ACC, Tata Steel, Grasim Industries, Bharti Airtel and Reliance Industries moved up by 3% - 6% today. Maruti Suzuki gained nearly 3%. NTPC (2.75%) and Hindustan Unilever (2.5%) also closed on a high note. Wipro wiped off all its losses and ended flat.

Unitech, the biggest gainer in the Nifty pack, ended nearly 15% up. Reliance Capital vaulted 13.75%. Ambuja Cements gained 10.25% today. Axis Bank ended with a big gain of 9.2%. Siemens and Suzlon Energy moved up by over 7%. Cipla, Punjab National Bank, Reliance Power, SAIL, ABB, Idea Cellular, HCL Technologies, Reliance Petroleum, Power Grid Corporation, Cairn India, Tata Communications, Nalco and Hero Honda also closed with strong gains.

Lanco Infratech, Essar Oil, Sintex Industries, Hindustan Construction Company, Punj Lloyd, Nagarjuna Construction Company, NMDC, Crompton Greaves, Indian Bank, India Infoline, IVRCL Infrastructure, Gujarat Minerals, Hindustan Copper, Jai Corp and India Cements ended with hefty gains today.

CMC flared up by as much as 51.25% on strong quarterly results. Nirma, Sun Pharma Advanced Research, Bajaj Hindustan, Dena Bank, Deccan Chronicle Holdings, National Fertilizers, Dishman Pharma, Kirloskar Oil Engines, Wockhardt, JM Financial Services, Lakshmi Machine Works, Hindustan Motors, State Trading Corporation, Dredging Corporation, Greaves Cotton, IVR Prime, Titagarh Wagon, Inox Leisure, Gujarat Industries & Power, Ansal Infrastructure, KPIT Cummins and Brigade Enterprises also ended with big gains today.

The market breadth was very strong today. On BSE, 2173 stocks posted gains and 463 stocks declined. 67 stocks ended flat.

The volume of business picked up as the session progressed. On NSE, the turnover, at Rs 20,995.79 crore, was up by around Rs 5,600 crore over the turnover of Rs 15,397.98 crore the exchange had recorded in the previous session. NSE witnessed more than 9 million trades today. The traded quantity was up sharply at over 139 crore shares.

Disclosure: Author does not own any of the stocks discussed here.

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