After a slight retreat from higher levels and a subsequent long spell within a tight range, the market rallied sharply on Monday, with traders thronging heavyweight counters in the final hours, presumably to cover their short positions ahead of near month derivatives expiry.
A fair amount of bargain hunting and a fairly steady opening on the European bourses too contributed significantly to the market's splendid surge in late afternoon trade. All the sectoral indices ended in green, with the Oil & Gas barometer outperforming others with a 2.76% surge.
Metal, healthcare, bank, realty, power and information technology stocks mostly ended notably higher. FMCG and capital goods stocks too had a good outing. Automobile stocks, which were weak for a major part of the session till about mid afternoon, found some support in the final hour.
The BSE benchmark Sensex ended the day with a gain of 326.44 points or 1.66% at 20,030.77, off the day's high of 20,083.47. The broader Nifty index of the National Stock Exchange closed at 6083.15, recording a gain of 99.60 points or 1.66%. The Nifty touched a high of 6099.90 during the day.
Reliance Industries (up 5.2%) contributed significantly to the market's sharp upmove on Monday. The stock rallied following an announcement from Reliance Industries and its partners about a significant gas and condensate discovery in the KG D6 block off the eastern coast of India.
Sun Pharmaceutical Industries jumped 4.7%. Jindal Steel & Power gained 3.7% and Hindalco moved up by 3.2%. Sterlite Industries notched up a gain of 2.8% and Tata Steel advanced by 1.3%.
Bharti Airtel gained 3.3%. HDFC, Tata Motors, BHEL, HDFC Bank, Tata Consultancy Services, Hero Motocorp, NTPC, ICICI Bank, Dr Reddy's Laboratories, GAIL India, Wipro, ITC and Coal India gained 1% - 2.3%. Hindustan Unilever, Infosys, Bajaj Auto, ONGC, Larsen & Toubro and State Bank of India also closed on a firm note.
IndusInd Bank, up 6.3%, was the biggest gainer in the Nifty index. Ranbaxy Laboratories, Power Grid Corporation, Ultratech Cement, Reliance Infrastructure and Punjab National Bank gained 2% - 4%.
ACC, IDFC, DLF, Jaiprakash Associates, Cairn India, Grasim Industries, NMDC, GAIL India, Axis Bank, Kotak Bank and HCL Technologies also closed higher.
Cipla, Lupin, Maruti Suzuki, Mahindra & Mahindra, Bank of Baroda and BPCL ended lower by 1.3% - 2%.
Reliance Communications had a good outing following the company hiking call rates. Britannia Industries soared on impressive results. Oil India, MOIL, JB Chemicals, Wockhardt and Gujarat NRE Coke too surged higher on strong quarterly results. Jet Airways and SpiceJet declined on weak quarterly numbers.
The market breadth was fairly strong. Out of 2485 stocks traded on BSE, 1364 stocks moved up. 981 stocks declined and 140 stocks ended flat.