Sensex Hits Double Ton, Bank Stocks Spearhead Rally
Suparna / 14 Mar 2013
The Indian markets picked up momentum in the last hour of trade, led by buying in Banking and Realty stocks. A firm opening of the European markets has further cheered the sentiment among the traders. At the end of the day, Nifty closed at 5908 and Sensex closed at 19,571. Both the indices closed up in the range of 0.99%-1.08%.
The Indian stock market picked up momentum in the last hour of trade, led by buying in Banking and Realty stocks. A firm opening of the European markets has further cheered the sentiment among the traders. At the end of the day, Nifty closed with gains of 57 points at 5908 and Sensex closed at 19,571, up by 209 points. Both the indices closed up in the range of 0.99%-1.08%.
The advance–decline ratio ended on a positive side at the end of the day. On the NSE, 704 shares closed in green and 687 shares closed in red.
Top 5 Gainers on NSE: SBI ended up by 3.47% as the top gainer on the NSE, followed by Maruti Suzuki India, Ranbaxy Labs, Tata Power and ICICI Bank.
Top 5 Losers on NSE: Bajaj Auto ended the day as the top loser on NSE, down by 2.14%, followed by GAIL, Sun Pharma, Bharti Airtel and Cairn India.
Most of the sectors ended in a positive zone. Bankex and Realty were the top gainers and closed up by 2%. Consumer Durables was the lone sector to end in a negative zone.
The European markets are trending up. DAX is trading with gains of 0.69%. CAC 40 is trading higher by 0.57% and FTSE 100 is trading higher by 0.24%.
Most of Asian markets closed higher. Nikkei 225 closed higher by 1.14%, followed by Shanghai Composite and Hang Seng. Taiwan Weighted and Straits Times closed down in the range of 0.28%-0.55%.
Buzzers: Asian Paints closed higher by 2% at Rs 4896, after the paint maker said that its promoters released a part of the pledged shares lying with lenders in the last week. Promoters have released a total of 7,05,500 pledged shares since January 2013 from various lenders including L&T Finance, Kotak Mahindra Investment and IDBI.
The stocks of Axis Bank, HDFC Bank and ICICI Bank recovered in the late afternoon trade, after stocks fell in the morning trade following an expose by an online newspaper ‘Cobrapost’ that these banks have allegedly indulged in money laundering.
Nifty has closed above 5900 level which is a positive sign; going ahead, bulls need to sustain above the levels of 5940-5975.
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