Sensex gains over 350 points as buying intensifies

Last Updated: Thu, Nov 14, 2013 06:07 hrs

With several blue chip stocks extending their gains on  sustained buying support, the market, which opened on a buoyant note this morning, has moved further up north now.

A firm trend in global markets amid renewed hopes that the U.S. Federal Reserve will continue its asset buying program till early next year, and hectic bargain hunting and short-covering after seven successive days of losses have pushed the key indices Sensex and Nifty up sharply this morning.

Mirrorring widespread buying, all the sectoral indices are up in positive territory. Bank, automobile, capital goods and realty stocks are among the most impressive gainers. Metal stocks have moved up sharply as well.

Several stocks from power, consumer durables, oil and PSU stocks are also up with strong gains. Select FMCG, information technology and healthcare stocks are trading notably higher.

Besides a number of large cap stocks, scores of midcap and smallcap stocks are also up in positive territory with handsome gains. The market breadth is pretty strong at present.

The Sensex is up 358.61 points or 1.8% at 20,553.01, slightly off the day's high of 20,567.93. The Nifty index of the National Stock Exchange is up 111.50 points or 1.85% at 6101.10.

Tata Steel is up nearly 5% on strong results. After trading hours on Wednesday, Tata Steel said it posted a consolidated net profit of Rs 916.77 crore for the quarter ended September 2013, as against a net loss of Rs 363.93 crore in the prior corresponding quarter.

Axis Bank, Jaiprakash Associates, Tata Motors, ICICI Bank, Larsen & Toubro, BPCL, Punjab National Bank, IDFC, Bank of Baroda and IndusInd Bank are up 3% - 5.6%.

Bharti Airtel, DLF, Tata Power, NMDC, Mahindra & Mahindra, Hindalco, HDFC Bank, ONGC, Hero Motocorp, Reliance Industries, Maruti Suzuki, BHEL and Jindal Steel & Power are all trading higher by over 2%.

Coal India is trading weak, following the company's consolidated net profit declining nearly a percent to Rs 3052.36 crore on 5.57% growth in total income to Rs 17594.28 crore in the July - September quarter 2013, from the year ago quarter.

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