IT Shares Helps Indices to Close in Green

The markets had a good session of trade, thanks to the positive set of cues from the global and domestic fronts.  The Nifty closed at 5,851 up 110 points and the Sensex clocked in 349 points to close at 19,470. In the broader markets, the small cap and the midcap indices gained 1% each but underperformed the BSE benchmark index which gained nearly 2%. The benchmark indices had a gap-up opening on the back of the positive cues from Wall Street and an enthusing start to the proceedings across Asia. There was a momentary blip as realty and ADAG stocks spiralled downwards in a knee-jerk reaction to the denial of bail by the special court to five corporates involved in the 2G scam. But the re-emergence of momentum in late-noon trades as a fledging Europe compensated for the weakness in select pockets. Among the Sensex gainers were Mahindra & Mahindra and TCS up nearly 5% each followed by Hindalco, Tata Motors and Jaiprakash Associates gained 4% each. The other prominent gainers for the day were Wipro, DLF, HDFC, Hindustan Unilever, Jindal Steel, Tata Steel and Sterlite which added 2% each. The market breadth was extremely positive. Of the total 3006 stocks traded on the BSE, 1962 stocks advanced while 951 declined.