The bulls, holding sway for the fourth successive session on strong global cues today, lifted the benchmark BSE index Sensex to its best close since early November 2008. The Nifty also ended on a multi-month high with a good majority of its components recording impressive gains on sustained buying support.
With global markets turning buoyant on expectations the moves by G20 leaders will help revive economic growth and investors back home nursing hopes of a further easing of the monetary policy by the Apex bank on the back of falling inflation, it turned out to be a pretty good session for several large, medium and small cap stocks today.
After an upbeat start, the market did turn a bit listless and even gave up a substantial portion of its gains around noon. However, buying resumed in afternoon trade and the market was soon back high up in the positive territory. The Sensex, which opened with a positive gap of nearly 175 points at 10,521.78 and went on to hit a high of 10,654.89, ended the day at 10,534.87 with a big gain of 186.04 points or 1.8%. The barometer dropped down to a low of 10,410.44 in intra-day trades. The National Stock Exchange's 50-stock Nifty index closed with a gain of 45.55 points or 1.42% at 3256.60. In intra-day trades, the Nifty hit a high of 3303.90 and a low of 3211.35 today.
Capital goods, consumer durables, telecom, metal, auto, realty and bank stocks closed with impressive gains. Power, oil and PSU stocks displayed a mixed trend. Pharma and information technology stocks failed to hold gains and settled well off their intra-day highs. FMCG stocks remained highly subdued today.
Mahindra & Mahindra zoomed 14.3% to Rs 480 on frenzied buying at the counter. Reliance Communications shot up by 11.2%. Larsen & Toubro, HDFC, Reliance Infrastructure and Hindalco gained 6.25% - 7.5%.
Tata Steel (4.9%), ICICI Bank (4%), Sterlite Industries (3.65%), Bharti Airtel (3.35%), DLF (3.1%), Tata Motors (3.05%), HDFC Bank (2.75%), ONGC (1.8%) and Tata Power (1.3%) also ended on a buoyant note.
Jaiprakash Associates, Reliance Industries and Maruti Suzuki ended with modest gains. NTPC and Tata Consultancy Services edged up marginally. Sun Pharmaceuticals and BHEL closed flat.
ACC eased by over 3%. ITC ended with a sharp loss of 2.45%. Ranbaxy Laboratories ended with a loss of 2.3%. Grasim Industries lost 2.1%. Hindustan Unilever (down 1.65%) and State Bank of India (down 1.4%) also closed with sharp losses. Infosys Technologies and Wipro ended with modest losses.
Suzlon Energy vaulted 10.3% on reports of the company bagging a repeat order from Wind Energy, a US major. Punjab National Bank, Reliance Power, Idea Cellular, HCL Technologies, Reliance Capital, Tata Communications, Hero Honda, Cairn India and ABB also ended with sharp gains today. Ambuja Cements, Unitech, Cipla, GAIL India, Power Grid Corporation, Axis Bank and Siemens declined sharply on selling pressure.
Essar Oil flared up by over 48% today. Mangalore Refineries & Petrochemicals and Chennai Petroleum Corporation vaulted 19.3% ad 18.25% respectively. EIH shot up by 18.5%. REI Agro, Jai Corp, Glenmark Pharmaceuticals, Adani Enterprises, Bharat Forge, Tech Mahindra, Mundra Port and Rolta India ended higher by 10% - 15%. Kotak Bank, Videocon Industries, HDIL, Praj Industries and Exide Industries also ended with hefty gains.
Heavy buying was seen at several counters in midcap and smallcap segments today. The BSE Midcap index ended stronger by 2.48% while the smallcap barometer finished with a gain of 3.21%.
The market breadth was quite strong today. On BSE, out of 2567 stocks traded, as many as 1859 stocks closed with gains. 633 stocks declined and 75 stocks ended flat.