Sensex up over 350 points as buying gains momentum

Last Updated: Fri, Sep 21, 2012 06:38 hrs

Thanks to sustained buying across the board, the market, which opened on a rousing note this morning, has moved further up north now. Besides a firm trend in Asian markets, the government's stubborn stance on carrying forward reforms in aviation, retail, broadcasting sectors, and its decision to boost infrastructure growth appear to be prompting the bulls to go on a buying spree.

The Sensex is up 351.98 points or 1.9% at 18,701.23. The Nifty index of the National Stock Exchange is up 113.35 points or 2.03% at 5668.60.

Almost all front line stocks in power, capital goods, bank, metal and realty sectors are up in positive territory with strong gains. Several stocks from FMCG, healthcare, automobile and oil sectors are also trading notably higher. Information technology stocks, which were relatively subdued early on, are edging higher now. A few stocks from the consumer durables space are moving up as well.

Capital goods sector majors BHEL (4.5%) and Larsen & Toubro (3%) are up sharply. ABB, Bharat Earth Movers, Crompton Greaves, Havells India, Praj Industries, Punj Lloyd, Siemens and Suzlon Energy are up 2% - 4%. AIL and SKF India are up with modest gains.

Adani Power, GMR Infrastructure, JSW Energy, Lanco Infratech, NHPC, Reliance Infrastructure, Reliance Power and Tata Power are up 2% - 5.5%. Power Grid Corporation and Thermax are also trading notably higher.

Among the stocks in the Bankex, ICICI Bank is up more than 4%, State Bank of India is up 2.6% and HDFC Bank is trading 1.3% up. Axis Bank and Canara Bank are up by over 4%, while Bank of India, Bank of Baroda, Federal Bank, IDBI Bank, IndusInd Bank, Kotak Bank, Punjab National Bank, Union Bank of India and Yes Bank are up 1.5% - 4.5%.

Several state run bank stocks, which are not part of the Bankex, are also trading in positive territory with handsome gains.

Metal stocks Sterlite Industries, Tata Steel, Hindalco, Jindal Steel and Coal India are up 1.5% - 3.3%. IT majors Wipro, Infosys and Tata Consultancy Services are trading higher by 0.5% - 1.7%.

ITC, Bharti Airtel, HDFC, Dr Reddy's Laboratories, Sun Pharmaceutical Industries, ONGC, NTPC, Hero Motocorp, Cipla, Maruti Suzuki and Hindustan Unilever are also trading notably higher.

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