Market rally on strong global cues, Sensex up 350 points
Shrikant / 10 Jan 2012
The Indian market rallied by 350 points on the back of strong global cues. The 50-stock Nifty index also rallied by 106 points to close at 4849 points.
Earlier, the Asian stock exchanges closed in the green in their respective markets.
European markets opened on a positive note, and have sustained the positives in line with their global peers.
| Benchmark Indices | ||
| Index | Closing | % Change |
| Sensex | 16,165.09 | 2.22% |
| Nifty | 4,849.55 | 2.25% |
| Hang Seng | 19,004.28 | 0.73% |
| Nikkei | 8,422.26 | 0.38% |
| Shanghai | 2,285.74 | 2.69% |
| Live | ||
| FTSE | 5,668.87 | 1.01% |
| CAC | 3,188.22 | 1.94% |
| DAX | 6,148.18 | 2.18% |
Dow Jones Futures is currently trading 88 points or 0.71% up at 12425, indicating a positive sentiment in the US markets.
Back home, all the sectoral indices closed in the green. The Realty index was the top gainer at the end of the day, up by over 4.2%. The Bankex and CG indices were up by over 3% each. Teck and IT were only 2 indices that remained underperformers with respect to the other major indices.
| Sectoral Indices | |||
| Index | Close | Change(Pts) | Change (%) |
| Broad | |||
| MIDCAP | 5451.08 | 119.67 | 2.24 |
| SMLCAP | 5996.48 | 153.95 | 2.63 |
| BSE-100 | 8321.11 | 185.5 | 2.28 |
| BSE-200 | 1946.69 | 43.08 | 2.26 |
| BSE-500 | 6080.88 | 133.34 | 2.24 |
| Sectors | |||
| REALTY | 1478.98 | 59.64 | 4.2 |
| CG | 8992.61 | 309.21 | 3.56 |
| BANKEX | 10027.62 | 308.33 | 3.17 |
| METAL | 10082.72 | 289.6 | 2.96 |
| AUTO | 8370.95 | 236.52 | 2.91 |
| OIL&GAS | 7835.49 | 208.94 | 2.74 |
| POWER | 1916.12 | 45.06 | 2.41 |
| CD | 5569.21 | 119.21 | 2.19 |
| PSU | 6906.68 | 116.47 | 1.72 |
| FMCG | 4059.87 | 50.25 | 1.25 |
| HC | 6095.36 | 60.56 | 1 |
| TECk | 3450.55 | 33.12 | 0.97 |
| IT | 5916.47 | 34.67 | 0.59 |
Of the 30 Sensex stocks, 28 ended up with gains. The rally was topped by Mahindra & Mahindra, which ended up with 5.63% intraday returns. Hindalco Industries, L&T and Jindal Steel were up by over 4%. TCS and GAIL India closed with marginal negative returns. Tata Power, which lost its morning gains in the afternoon session, closed with marginal returns.
IndusInd Bank announced its quarterly results, where its net profits showed a growth of 34% to Rs 206 cr on a YoY basis. The scrip also reflected the robust growth, closing with 6.19% returns.
In the overall market, a total of 98 stocks closed with double digit returns. Of these, 7 stocks touched the upper circuit and another 11 ended with 19% returns. Wockhardt gained 4% after it launched the generic version of the drug for Rhinitis.
Among the major corporate announcements, Biocon has announced positive efficacy data with its Novel Monoclonal Antibody Itolizumab in a Pivotal Psoriasis Study. The shares of Alfa Laval surged by 14.40% after the company announced voluntary delisting from the stock exchange. In other news, IT major, Mahindra Satyam, has filed a lawsuit against its former board of directors and its auditor for an accounting scandal. The scrip was up 2.19%.
Kale Consultants declared a special divided of Rs 13.50 per equity share, following which the stock closed up by 20%. Stone India has designed a unique environment-friendly Bio-Toilet system named ENBIOLET, and its shares closed with marginal gains. PSL has received an order worth over Rs 280 cr, and the scrip closed with 11.63% gains. MBL Infrastructures has bagged an order worth Rs 500 cr for the Bikaner-Suratgarh project on NH-15. The scrip soared by 4.43% by the end of the day.
The market breadth, which indicates the overall health of the market, remained extremely positive today. Out of a total of 3242 stocks traded on the BSE, 2418 advanced and 713 declined, while 111 remained unchanged.
| Advance-Decline Table | |||
| Index | Advances | Declines | Unchanged |
| BSE 30 | 28 | 2 | 0 |
| BSE 100 | 94 | 6 | 0 |
| BSE 200 | 182 | 18 | 0 |
| BSE 500 | 434 | 64 | 1 |
| Others | 1680 | 623 | 110 |
With the today’s positive closing, investors should pay careful attention to the management commentary during the quarterly results. Also take note that the global cues are not sustainable unless the Euro zone stabilises.
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