Sensex rallies again, set to end on a high note @ 15:20 hrs

The momentum one saw this morning subsided around noon and several stocks were seen struggling to hold their gains for sometime following a strong round of profit taking.

However, thanks to some hectic buying across the board in late afternoon trade, the market has bounced back sharply now and looks headed for a reasonable positive close today.

Asian markets closed on a fairly steady note and the mood on the European bourses is quite positive. US index futures too have edged higher. After remaining a bit cautious earlier this afternoon, investors have come back strongly with their buying enquiries in the final hour.

The Sensex, which had moved up sharply to a six-month high of 10,654.89 in early trade this morning, tumbled to 10,410.44 in afternoon trade. With buying in blue chip stocks gathering strong momentum, the Sensex has now rallied to 10,532.37, recording a big gain of 183.54 points or 1.77%. The Nifty index of the National Stock Exchange has moved up to 3260.55, netting a sharp gain of 49.50 points or 1.54%.

Top gainers

Consumer durables stocks are in strong demand today. Metal stocks have come back strongly after a breather. Capital goods, auto, realty, bank and power stocks have also posted sharp gains. PSU oil stocks trade weak. Pharma stocks remain mixed. IT and FMCG stocks exhibit weakness.

Stockometer

It has been a good session for stocks from midcap and smallcap segments. Mirroring investor interest for these stocks, the BSE Midcap and Smallcap indices have gained 2.05% and 2.68% respectively. The market breadth remains quite strong. Out of 2529 stocks traded in BSE, 1793 stocks are up in the positive territory. 666 stocks have posted losses and 70 stocks trade flat.

Worst losers

Reliance Communications has vaulted nearly 11% to Rs 217.60. Mahindra & Mahindra is up by over 10% at Rs 462.50. Larsen & Toubro, HDFC, Reliance Infrastructure and Hindalco have gained 6% - 7%.

Tata Steel, ICICI Bank, DLF, Sterlite Industries, Bharti Airtel, Tata Motors, HDFC Bank and ONGC have moved up by 2% - 5.5%. Tata Power and Jaiprakash Associates have gained 1.2% each. Maruti Suzuki, NTPC, Reliance Industries and BHEL are up with modest gains.

Suzlon Energy has gained around 10.5% at Rs 56.20. Punjab National Bank, HCL Technologies, Reliance Power, Idea Cellular, Reliance Capital, Tata Communications and Hero Honda have gained 2% - 5.5%. Cairn India, ABB, BPCL, Nalco, SAIL and Reliance Petroleum are up with sharp to moderate gains.

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