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Sensex ends nearly 100 points up; Metal, IT stocks post strong gains

Source : SIFY
Last Updated: Mon, May 06, 2013 17:03 hrs
Commuters walk past the BSE building in Mumbai

​After a firm start and a subsequent setback, the market rebounded into positive territory, and despite moving in a tight band amid somewhat listless trades, managed to end the day on a bright note on Monday, with strong global markets aiding sentiment.

An upbeat U.S. jobs report that lifted Wall Street's major averages to new highs on Friday, set up a bright start for Asian markets this morning, and taking cues, the Indian bourses too opened on a firm note. Though it retreated soon on a mild bout of selling pressure, particularly in the banking space, the market managed to bounce back and hold firm in positive territory subsequently.



The BSE benchmark Sensex, which spurted 19,694.29 after an early setback, did falter again an hour past noon, but recovered well to sign off on a firm note at 19,673.64, gaining 98 points or 0.5%. The Nifty index of the National Stock Exchange closed at 5971.05, recording a gain of 27.05 points or 0.46%.

A firm trend in London Metal Exchange prompted investors to pick up metal stocks. Mirroring their surge, the BSE Metal index spurted nearly 2% today. Information technology stocks, led by sector heavyweight, had a good outing too. Consumer durables, automobile and oil stocks also moved higher.

Healthcare and realty stocks turned in a mixed performance. Bank stocks declined sharply following online media firm Cobrapost.com levelling money laundering allegations against as many as 23 banks. However, most of the stocks in the banking sector bounced back as the session progressed and wiped off almost their entire losses.

Capital goods stocks were mostly subdued today. FMCG stocks, which saw some bright spells last week, declined on profit taking. Several stocks from midcap and smallcap segments ended on a bright note today.

Tata Steel, Hindalco, Tata Consultancy Services, Reliance Industries, Jindal Steel & Power, Hero Motocorp and Tata Motors gained 2% - 3.6%. Sterlite Industries, Maruti Suzuki, Infosys, ICICI Bank and GAIL India ended higher by 1% - 1.8%. BHEL, Bajaj Auto, Bharti Airtel, Cipla, Mahindra & Mahindra and Wipro also ended on a firm note.

Asian Paints, NMDC, Reliance Infrastructure, Sesa Goa, Ranbaxy Laboratories, IndusInd Bank, BPCL and Cairn India ended 1% - 3.3% up. Jaiprakash Associates, Ultratech Cement and DLF ended with modest gains.

Kotak Bank, ONGC, ITC, Ambuja Cements, ACC, NTPC, Lupin, IDFC, Axis Bank, Larsen & Toubro, Coal India, Dr Reddy's Laboratories and Punjab National Bank ended on a weak note, losing 0.5% - 1.5%.

Karnataka Bank, up 7.4%, was the top gainer among BSE 'A' Group stocks. Crisil gained a littleb over 6%. Motherson Sumi, Reliance Power, Century Textiles, MRF, Jain Irrigation Systems, Oracle Financial Services, Apollo Hospitals Enterprises, Amara Raja Batteries, Glenmark Pharmaceuticals and IFCI gained 3% - 5%.

The market breadth was positive. Out of 2487 stocks traded on BSE, 1339 stocks moved up. 1006 stocks declined and 142 stocks ended flat.

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