Sensex up nearly 250 pts as heavyweights rally

Last Updated: Fri, Dec 20, 2013 07:34 hrs

The market, which moved in a tight band after a positive start, has gained in strength thanks to some hectic buying at several counters from across various sectors this afternoon.

Bank, realty, oil, automobile and information technology have moved higher on strong buying support.

The BSE benchmark Sensex has surged to 20,953, gaining 244.46 points or 1.15%. The broader 50-stock Nifty index of the National Stock Exchange is up 70.70 points or 1.12% at 6170.35.

ONGC and Reliance Industries, the heavyweights from the Oil & Gas index, are up 2.6% and 2.2%, respectively.

Automobile majors Maruti Suzuki, Hero Motocorp, Tata Motors and Mahindra & Mahindra are trading higher by 1.8% - 2.6%. Bajaj Auto is up 0.8% from its previous closing price.

Hindustan Unilever, ICICI Bank, BHEL, Tata Steel, HDFC, HDFC Bank, Coal India and Dr Reddy's Laboratories are up 1% - 2%. GAIL India, Tata Power, Hindalco, State Bank of India and Cipla are also up with notable gains.

Supported by a weak rupee, information technology majors Tata Consultancy Services, Infosys, Wipro, Tech Mahindra and HCL Technologies are seeing some bright spells in recent sessions.

Thanks to strong buying support, Infosys (1.2%), Tata Consultancy Services (1.7%) and Tech Mahindra (4.4%) have scaled 52-week highs today. Besides a weak rupee, recent upbeat economic reports out of the U.S. too have contributed to the upmove of the IT stocks.

MindTree has moved up by over 7%. CMC, Rolta India, Hexaware Technologies, Polaris, KPIT Technologies, Mphasis and NIIT Technologies are up 1% - 6%. HCL Technologies and Oracle Financial Services have posted modest gains.

MCX is up nearly 13% on strong volumes. Financial Technologies (7.7%) has also moved up sharply on impressive volumes. UPL and Bosch are up more than 6%.

TV 18 Broadcast, Power Finance Corporation, HDIL, Hindustan Petroleum Corporation, Crisil, Bajaj Finserv, J&K Bank, Tata Global Beverage, Karnataka Bank, JP Infratech and Wockhardt are up 3% - 5%.

Alstom T&D India Limited has announced that it has been awared two contracts with a total value of Rs 298.3 crore to supply two 400/220/66 kv gas-insulated substations at Wangtoo and Gumma in Himachal Pradesh. The projects are from Larsen & Toubro and HP Power Transmission Corporation Limited, respectively. The Alstom T&D stock is up more than 3% at Rs 190 at present.

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