The Indian stock market opened on a bright note, retreated a bit after moving higher subsequently, but turned firm again and eventually ended the session with solid gains on Wednesday, as investors indulged in some strong buying, betting on hopes of a rate cut later this month.
Easing worries about the economy following reports that GDP will see a signficant growth by year 2015, and strong global markets - several key indices across the globe rose to multi-year highs - too contributed significantly to the market's positive show today.
The BSE benchmark Sensex, which rose to 19,293.39 during the session, ended at 19,252.61, with a gain of 109.44 points or 0.57%. The Nifty index of the National Stock Exchange closed at 5818.60, around 10 points off the day's high, recording a gain of 34.35 points or 0.59%.
Realty stocks turned in a sparkling performance, with investors taking positions, betting on hopes of a rate cut. Mirroring their surge, the BSE Realty index spurted more than 4.5%. Capital goods and metal stocks were the other star performers.
Information technology, oil, PSU, bank and power stocks too mostly ended on a firm note. Automobile and healthcare stocks ended mixed, while consumer durables and FMCG stocks were mostly subdued.
Metal stocks Sterlite Industries (4.6%), Hindalco (3.3%) and Tata Steel (2.6%), capital goods stocks Larsen & Toubro (2.9%) and BHEL (2.2%) and automobile major Tata Motors (2.9%) ended with strong gains.
Wipro, Infosys and State Bank of India gained 1.6% - 1.9%. ICICI Bank, Tata Consultancy Services, Reliance Industries, ONGC, Dr Reddy's Laboratories and Jindal Steel & Power also closed on a bright note.
Jaiprakash Associates, up 5.7%, was the top gainer in the Nifty index. IDFC gained 4.8%. Sesa Goa moved up by nearly 3.5% and Siemens gained 3.3%, while Bank of Baroda, Ranbaxy Laboratories, Punjab National Bank and Cairn India advanced by 2.3% - 3%. HCL Technologies, Reliance Infrastructure and Grasim Industries also closed notably higher.
Hindustan Unilever, Mahindra & Mahindra, ITC, BPCL, Power Grid Corporation, Ambuja Cements, GAIL India, Bharti Airtel, NTPC, Coal India and Tata Power closed with sharp to moderate losses.
Realty sector heavyweight DLF gained nearly 4%. HDIL ended with a hefty gain of 12%. Anant Raj Industries spurted nearly 9% and Sobha Developers moved up by nearly 7.5%. Indiabulls Real Estate, Oberoi Realty, DB Realty, Unitech and several other realty stocks closed with impressive gains today.
Punj Lloyd, up nearly 14%, was the top gainer in the Capital Goods index. AIL ended almost 9% up. Sadbhav Engineering, Praj Industries, SKF India, Welcorp, AIA Engineering, Lakshmi Machine Works, Thermax, Havells India and Crompton Greaves were among the other notable gainers in the capital goods space.
The market breadth was strong. Out of 2977 stocks traded on BSE, 1730 stocks moved up. 1116 stocks declined and 131 stocks ended flat.