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Sensex zooms riding on European cues
India's benchmark shares indices ended over 3% higher Wednesday, snapping a five day losing streak, on the back of robust global cues, with Reliance Industries and financials leading the gains.
The 30-share Sensex ended at 15,685 up 510 points or 3.4% and the 50-share Nifty ended at 4,693 up 149 points or 3.3%.
The Sensex and the Nifty reached an intra-day high of 15,720 levels and 4,707 mark, respectively.
Markets rebounded in the opening trades mirroring strong global cues.
The US markets posted strong gains yesterday on the back of good US housing starts for November and better-than-expected Spanish bond auctions.
Also the Federal Reserve proposed new capital and liquidity rules for US banks, which would be rolled out in two phases.
The Dow Jones Industrial Average, S&P 500 Index and Nasdaq Composite were up 3% each.
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Sensex zooms riding on European cues
Asian markets ended firm today following good US economic data and better-than-expected Spanish bond auctions.
Hang Seng, Nikkei, Shanghai Composite, Taiwan Weighted, and Straits Times gained between 1-3%.
Back home, all the sectoral indices ended in positive terrain.
Firm opening of the European markets during late noon trades further boosted sentiment amongst local investors. The CAC-40, DAX and FTSE-100 were up by nearly 1% each.
BSE Bankex surged over 5%. ICICI Bank topped the buyers list in Sensex 30 stocks, zooming nearly 7.5% to Rs 652 after 17% fall in past eleven trading days on the Bombay Stock Exchange.
Among other financial shares, HDFC gained 5.66%, HDFC Bank surged 6% and SBI was up 2%.
Index heavyweight Reliance Industries shot up 5.5% to end at Rs 713.55. ONGC spurted by 3% to close at Rs 253.
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Sensex zooms riding on European cues
Consumer durable segment too witnessed strong buying demand. Titan Industries was the top gainer among the consumer durable stocks, up 8% to Rs 169.
Whirlpool, VIP Industries, Videocon, Rajesh Exports, TTK Prestige and Gitanjali Gems gained between 1-4%.
In the Capital Goods space, BHEL and L&T surged between 2-3%. Capital goods shares were beaten down in the past few sessions post the dismal October IIP data.
In the auto segment, M&M, Maruti Suzuki and Hero MotoCorp accelerated between 3-6%.
Telecom major Bharti Airtel zoomed by over 6% to end at Rs 323 while Tata Power and NTPC gained between 4-6%.
Sterlite, Hindalco and Tata Steel were among the top gainers in metal space which gained between 2-4%.
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Sensex zooms riding on European cues
Infosys, TCS and Wipro from the IT space spurted between 2-4%.
Meanwhile, the Indian rupee rose by 22 paise at Rs 52.65 per US dollar in early trade today on fresh selling of dollars by banks and exporters due to weakness of the American currency overseas amid a firming trend in the domestic equity market.
Only largecaps were leading the strong rally today while broader markets underperformed benchmarks - the BSE Midcap and Smallcap indices were up 0.5%.
In the second line shares, Gujarat Pipavav, Jain Irrigation, S Mobility, Rolta and Ipca Labs moved up 6-11% while Hotel Leela, Pantaloon Retail, FDC, HOEC and IRB Infra lost 4.5-7%.
Among individual stocks, NDTV gained 5% to Rs 26.60 after Oswal group promoted, Oswal Green Tech, formerly Oswal Chemicals & Fertilizers, acquired 14.17% stake in the company through open market purchase for Rs 24.24 crore.
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Sensex zooms riding on European cues
GTL group stocks- GTL and GTL Infra have rallied more than 151 each on reports that the management of GTL group has resolved all differences to finalise a comprehensive debt restructuring plan for its group companies.
Ranbaxy Laboratories dipped in the morning trades after the pharmaceutical company said it will make a $500 million provision to end a long-running compliance dispute with US authorities.
Onelife Capital Advisors rallied 6% to Rs 253 on the back of huge volumes.
The combined trading volumes on the counter surged almost three-times during the day, with as many as 2.12 million shares changing hands as against an average 799,000 shares traded daily in the past two weeks.
Network18 Media and Investments ended 3% up after touching its lifetime lows, post the company denied media reports that Reliance Industries Ltd was interested in a stake in the company.
The market breadth in BSE remained healthy with 1631 advancing and 1115 shares declining.
