Buoyed by a strong close on Wall Street overnight on the back of some upbeat economic data, the Indian stock market started off on a high note this morning. With some recent results from India Inc. beating expectations and automobile manufacturers mostly coming out with impressive sales data for October, it kept surging higher as the day progressed and signed off on a rousing note.
Capital goods, PSU, automobile and bank stocks had a nice ride up the charts. Stocks from information technology, metal, FMCG and power sectors too moved up smartly. Consumer durables stocks opened on a subdued note after the previous session's strong gains, but surged higher later in the day. Realty and oil stocks too found good support.
The BSE benchmark Sensex, which spurted to 18,793.75 in afternoon trade, ended the session with a gain of 193.75 points or 1.04% at 18,755.45. The broader 50-stock Nifty index of the National Stock Exchange closed at 5697.70, gaining 52.65 points or 0.93%.
Bajaj Auto ended stronger by nearly 3% thanks to a sharp jump in vehicles sales in October 2012. Mahindra & Mahindra
(up 2.1%) also moved up sharply on rising sales. Hero Motocorp notched up a gain of 2.2%, while Tata Motors
and Maruti Suzuki
, which remained relatively subdued, ended higher by 1.1% and 0.8%, respectively.
Capital goods sector heavyweights Larsen & Toubro
gained 2.7% and 1.2%, respectively. Among the bank stocks in the Sensex, ICICI Bank
gained 2.2% and State Bank of India
surged 1.85%, while HDFC Bank
posted a gain of 0.4%.
IT stocks moved up, cheered by better than expected results from Wipro. While Wipro gained 1%, Tata Consultancy Services
moved up by 1.6% and 1.2%, respectively.
Metal stocks Sterlite Industries
, Tata Steel
and Coal India
ended higher by 0.8% - 2%. NTPC
also closed on a firm note.
Reliance Industries failed to hold at higher levels and ended just marginally up. The stock saw listless trades following the Ministry of Petroleum & Natural Gas issuing a detailed clarification regarding KG-DWN-98/3 block allotted to RIL
led consortium. Reacting to speculative reports in the media regarding revision of gas prices for the said block, the Oil Ministry said that the Government of India has taken a consistent stand from 2010 onwards that the revision can not take place earlier than 2014.
Lupin, Sesa Goa
, Ranbaxy Laboratories
, Bank of Baroda
, Ambuja Cements
, Reliance Infrastructure
, HCL Technologies
, Ultratech Cement, Power Grid Corporation
, Axis Bank
and Punjab National Bank
posted sharp to moderate gains.
Bharti Airtel declined by a little over 2%. Hindustan Unilever
, Jindal Steel
& Power and Sun Pharmaceutical
Industries ended lower by 0.4% - 0.8%. BPCL
and Jaiprakash Associates
also closed weak.
The market breadth was marginally positive. Out of 3000 stocks traded on BSE, 1541 stocks moved up. 1320 stocks declined and 139 stocks ended flat.