Font Size 
Markets rally sharply; banks, realty stocks up
Published on Tue, Jun 17, 2008 at 18:06 in 
Tags: 
Related Stories
How Satyam pulled off India's biggest fraud - Army calls off Poonch gunbattle, fears terrorists escaped
- Satyam employees on the job, approach head hunters
- Raju in Hyderabad, won't flee: lawyer | BSE to drop Satyam
- Satyam CFO quits | 8 subsidiaries under scanner
- Promising start by Pakistan, but need more: US
- Prime accused in Guwahati serial blasts shot dead
- Pak agencies okayed Kasab confirmation: Sacked NSA
- Indefinite strike by oil PSUs leave petrol pumps dry
- Sanjay Dutt to fight Lok Sabha polls from Lucknow
Photogallery
 |  |
Mumbai: Bulls have come back with full force and took charge over bears. The markets have rallied quite sharply on the back of buying support from banking, realty, oil & gas and capital goods stocks, particularly rate sensitive sectors like banks and realty but volumes remained low, which seemed that institutional buying was very less.
Strong trading in European markets also helped Indian markets quite well. Midcap and small cap stocks were on buyers' radar. All BSE indices ended in green. Market breadth has remained in favour of advances.
Markets had opened on a quiet note and remained flat for first one hour of trade. But after that bulls came in limelight with big surprise and supported the markets for rest of the day. The Nifty closed above 4600 and the Sensex above 15500 levels.
The Sensex shot up by 1.96 per cent or 301.08 points to settle at 15,696.90, after hitting an intraday high of 15,732.75 and low of 15,357.98. The Nifty touched a high/low of 4664.05 and 4561.75, before ending the day at 4653, up 80.5 points or 1.76 per cent.
CNX Nifty Junior jumped 3.59 per cent to close at 7752.80, which led mostly by banking stocks like IOB, Axis Bank, Syndicate Bank, Kotak Mahindra, Bank of India, Bank of Baroda, IDBI Bank, Vijaya Bank, Canara Bank, Union Bank and Aurobindo Pharma, up over 5 per cent.
Market breadth was positive; about 1784 shares have advanced while 880 shares declined. Nearly 457 shares remained unchanged.
Amongst frontliners, HDFC was up 6.32 per cent, HDFC Bank 5.60 per cent, Maruti Suzuki 5.31 per cent, SBI 4.59 per cent and ONGC 4.77 per cent while NALCO fell -2.07 per cent, Cairn India -1.26 per cent, Bharti Airtel -0.93 per cent, Dr Reddy's Labs -0.92 per cent, Reliance Communication -0.92 per cent, Satyam -0.85 per cent and Grasim -0.25 per cent.
BSE Bankex was the star performer of the day, surged 4.29 per cent or 311.54 points to settle at 7,567.17 on the back of buying in IOB, Axis Bank, Kotak Mahindra, Bank of India, Bank of Baroda, Union Bank, HDFC Bank, SBI and ICICI Bank.
Another leader is Realty Index, which rose by 3.89 per cent or 228.32 points at 6,099.19 as buying seen in Indiabulls Real, Unitech, Anant Raj Ind, Peninsula Land, Parsvnath, DLF and HDIL.
Oil & Gas stocks like ONGC, Essar Oil, HPCL, Reliance Ind, BPCL, Petronet LNG and IOC have moved up higher barring Cairn India. Index was up 2.25 per cent or 225.73 points at 10,241.79.
Sharp run up also seen in capital goods stocks like Triveni Engg, Areva T&D, L&T, Punj Lloyd, Alstom Projects, Jyoti Structures and BHEL. Index jumped by 260.07 points or 2.15 per cent at 12,363.27.
[ Single Page View ]
| Ads by Google |
| Related Ads: | |
Read Comment | Post Comment
Read more comment »