Markets rally by over 500 points
Shrikant / 21 Dec 2011
It has been a very good day on the streets, with the markets rallying by over 500 points. Until the afternoon trades, the markets were up by nearly 250 points. With Europe opening high, the markets rallied by over 300 points in the afternoon trade. One look at the graph would tell the whole story.
However, investors must keep in mind that the domestic issues are not yet over and the European debt crisis is still not resolved completely. Hence, whatever rally we see is not sustainable and we are still not bullish on the market.
Asian markets also rallied with strong global cues. The Hang Seng and Nikkei gained by about 1.5%, while the Taiwan and KOSPI indices rallied by over 3%. Shanghai, however, closed with marginal losses.
The European markets are showing positive movement currently. CAC and DAX are up by over 1%, while FTSE is trading up by 0.55%.
Dow Jones Futures is currently trading 60 points or 0.50% up at 12,091.00, indicating a positive sentiment in the US markets.
Benchmark Indices
Index
Closing
% Change
Sensex
15,725.71
3.63%
Nifty
4,693.15
3.28%
Hang Seng
18,416.45
1.86%
Nikkei
8,459.98
1.48%
Shanghai
2,191.15
-1.12%
Live
FTSE
5,459.41
0.73%
CAC
3,096.18
1.34%
DAX
5,928.32
1.39%
On the domestic front, all the sectors gave up the negatives and turned into the green by the day's end. Bankex led the rally, with 5.33% returns for the day. The CD and Oil & Gas sectors were also up by over 4% each.
Sectoral Indices
Index
Close
Change(Pts)
Change (%)
Broad
MIDCAP
5144.6
68.56
1.35
SMLCAP
5519.11
53.41
0.98
BSE-100
8057.18
251.96
3.23
BSE-200
1879.07
55.26
3.03
BSE-500
5857.47
163.12
2.86
Sectors
BANKEX
9453.17
478.16
5.33
CD
5292.4
208.59
4.1
OIL&GAS
7954.59
313.51
4.1
POWER
1784.83
48.87
2.82
TECk
3374.7
91.92
2.8
METAL
9526.41
251.28
2.71
AUTO
8135.75
209.52
2.64
PSU
6371.68
153.82
2.47
CG
8038.59
189.6
2.42
IT
5742.07
131.91
2.35
REALTY
1387.4
20.01
1.46
HC
5849.34
71.02
1.23
FMCG
4033.86
33.6
0.84
Among the 30 Sensex stocks, 29 gained in this rally. ICICI Bank led the index with 7.5% gains. Bharti Airtel and Tata Power, which have largely remained lower in the past few days, gained by 6% or more. All the Auto stocks, including Maruti Suzuki, Mahindra & Mahindra, Hero MotoCorp and Tata Motors ended the day in the positive. Stocks such as Cipla, Jaiprakash Associates, Bajaj Auto and Coal India, which were trading in the negative till mid-day, also ended up with some gains. Sun Pharma was the only stock that closed in negatives.
From the other stocks, Indiabulls Real Estate rallied by over 11%. Sesa Goa and Titan industries were both up by more than 8%. Pantaloon Retail, Indian Hotels, Nestle India, Apollo Tyres and Ashok Leyland, however, all lost by more than 3% in value today. In the market, total 53 stocks ended up with double digit profits, indicating a positive sentiment today.
Ranbaxy Laboratories has offered US$ 500 million to USFDA for allowing it to resume normal operations in the US market. The company is also set to sell Daiichi Sankyo products in Malaysia. On another note, GTL Infra shares surged over the news of the company's debt restructuring plans.
The overall market breadth remained positive today. Out of a total of 3197 stocks traded on the BSE, 1914 stocks advanced, 1174 stocks declined, and 109 stocks remained unchanged.
Advance-Decline Table
Index
Advances
Declines
Unchanged
BSE 30
25
5
0
BSE 100
83
17
0
BSE 200
156
44
0
BSE 500
353
139
8
Others
1297
969
101
The market has shown this positive rally after 5 days of a bearish trend. Investors should trade cautiously. As we stated earlier, this is not a sustainable trend bearing in mind the various global and domestic issues.
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