Tuesday, October 28, 2008

strong Muhurat trading session ends above 9000 in Samvat 2065

Published on Tue, Oct 28, 2008 at 18:15 , Updated at Tue, Oct 28, 2008 at 21:07
Source: moneycontrol.com

It was a strong Muhurat trading session for the Indian market. Benchmark indices have rebounded sharply in the Samvat 2065 and have broken four-session losing streak. The positive trend in global markets also helped our markets. Buying was seen in the most beaten down sectors namely realty, metal, power, capital goods, oil and auto stocks. Midcap and small cap stocks also followed the same trend.

Reliance Industries, Bharti Airtel, Reliance Communication, TCS, ICICI Bank, Unitech, SAIL, BHEL, Infosys, Reliance Infrastructure and Sterlite Industries were leaders in today's trade. All BSE Indices ended in positive terrain.

The 30-share BSE Sensex closed above 9000 mark. It surged 498.52 points or 5.86%, to settle at 9,008.08, after hitting an intraday high of 9,056.97.

The 50-share NSE Nifty remained above 2600 throughout the session. It closed with a gain of 160.4 points or 6.35% at 2684.60. It touched a high of 2695.95. Nifty October and November Futures ended with premium of 20.20 points and 10.55 points.

The BSE Midcap Index was up by 191.23 points or 6.45% to 3,157.46 and the Small Cap Index jumped 232.77 points or 6.69%, to settle at 3,711.61.

Market breadth was positive; about 2076 shares have advanced while 901 shares have declined. Nearly 213 shares remained unchanged.

Among the frontliners; Unitech, Hindalco, Tata Motors, Suzlon Energy, Zee Entertainment, DLF, Reliance Communication, M&M, Jaiprakash Associates and Reliance Infrastructure gained 10-15%.

Realty, the most beaten sector, witnessed huge buying interest. Index surged 181.35 points or 9.98%, to close at 1,998.63. Unitech and DLF were up 14.99% and 9.87%, respectively. Peninsula Land, Mahindra Life and Parsvnath rose 14-16%.

Metal Index was up by 304.12 points or 7.12% to 4,572.68. Hindalco, NALCO, Tata Steel, Jindal Steel and Sterlite Industries gained 7-11%. SAIL surged 4.26%.


Gain In Indices

Index

Current Value

Change (Pts)

Change (%)

REALTY

1998.63

181.35

9.98

METAL

4572.68

304.12

7.12

POWER

1500.62

98.47

7.02

CG

6784.02

444.22

7.01

SMLCAP

3711.61

232.77

6.69

OIL&GAS

5524.52

345.21

6.67

MIDCAP

3157.46

191.23

6.45

AUTO

2483.85

149.92

6.42

NIFTY

2684.6

160.4

6.35

SENSEX

9008.08

498.52

5.86

BANKEX

4704.68

232.66

5.2

IT

2695.85

108.88

4.21

HC

2781.51

109.67

4.1

FMCG

1783.91

68.41

3.99


Power stocks like GMR Infra rose 20%. Suzlon Energy, Reliance Infrastructure and Power Grid Corp gained 9-11%. Power Index gained 98.47 points or 7.02% to 1,500.62.

Buying was also seen in the Capital Goods sector; index rose 444.22 points or 7.01% to 6,784.02. Siemens, Thermax, L&T, ABB and BHEL were up 6-10%.

Oil & Gas Index surged 345.21 points or 6.67%, to close at 5,524.52. Reliance Industries and ONGC were up over 7% and 3.7%, respectively. Oil marketing companies like IOC, BPCL and HPCL were up 4-6.6%.

Auto stocks Mahindra & Mahindra, Tata Motors, Maruti Suzuki and Hero Honda jumped 4.85%-12.68%. Auto index was up by 149.92 points or 6.42%, to settle at 2,483.85.

Telecom stocks like Reliance Communication, Bharti Airtel and Idea Cellular rose 6.5-8%.

BSE Bankex ended with a gain of 232.66 points or 5.20% at 4,704.68. SBI and ICICI Bank were up over 6% each. PNB, Union Bank and HDFC Bank gained 3.5-4%.

IT Index moved up by 108.88 points or 4.21% to 2,695.85. Tech Mahindra, HCL Tech, TCS, Wipro, Satyam and Infosys were up 2-11%.

Pharma stocks like Sun Pharma Advanced, Cipla, Piramal Health and Ranbaxy Labs gained 6-15%. BSE Healthcare Index jumped 109.67 points or 4.10%, to close at 2,781.51.

FMCG Index ended at 1,783.91, up 68.41 points or 3.99% over previous close. Tata Tea, Dabur India,, Nestle, ITC and United Spirits jumped 4-8%.

Among the midcap stocks, IVRCL Infrastructure, Everest Kanto, UTV Software, Patel Engg, Orbit Corporation, PSL and Koutons Retail rose 20-31%.

In the small cap space, Kalyani Steels, Kewal Kiran, Classic Diamond, Easun Reyrl, Dewan Housing and Agro Tech Foods were up 20-28.5%.

Global markets also saw strong bounce back in today's session. European markets were trading sharply higher; FTSE was up 2.78% at 3,959.84. CAC and DAX were up by 2.25% and 6.09% at 3,136.29 and 4,598.67, respectively, at 7:50 hours IST.

In the US markets, the Dow Jones Industrial Average was trading at 8,364, up 189 points. The Nasdaq rose 24.75 points to 1,530.64 and S&P 500 gained 16 points at 864.

Asian markets ended sharply higher. Hang Seng was up by 14.35%. Nikkei surged 6.41%. Straits Times and Kospi rose 4.14% and 5.57%, respectively. Shanghai jumped 2.81% and Taiwan was up 0.76%. However, Jakarta lost 4.72%.

Crude was trading at USD 63.58 to a barrel on the NYMEX.

Markets @ 6:47 pm : Mkts strong; RIL, Bharti, Rel Comm, ICICI, TCS lead

The market is trading sharply higher and in line with global markets. The Nifty is holding 2600 mark. The Sensex has jumped back above 9000 mark in the opening trade, but was not able to sustain above that level. Buying is seen in the most beaten down sectors like realty, metal, power, capital goods, auto and oil.

The Sensex rose 483 points to 8,992 and the Nifty gained 154 points to 2,678, at 6:47 pm. BSE Midcap and Small cap indices jumped 6% each.

Reliance Industries, Bharti Airtel, Reliance Communication, TCS, Unitech, ICICI Bank, SAIL, DLF, BHEL and Infosys are top contributors in today's rise.

BSE Realty Index rose over 10%. Metal, Capital Goods, Power, Auto and Oil & Gas indices jumped 6-7%. Bankex, Healthcare, FMCG and IT indices gained 4-5.5%.

Markets @ 6:15 pm : Mkts bounce back in Samvat 2065; Nifty above 2600

The market has snapped four-session losing streak and has bounced back sharply on the day of Samvat 2065. Pullback rally is seen in realty, metal, capital goods, power, banking and oil stocks. Midcap and small cap stocks are following the same trend.

At 6:15 pm, the Sensex rose 545 points to 9,054 and the Nifty gained 159 points to 2,684. CNX Midcap jumped 176 points to 3,436.

Reliance Industries, Bharti, SBI, L&T, Unitech, Hindalco, Suzlon Energy and Reliance Infrastructure were major gainers.

European markets are trading higher. FTSE Index rose 4.03% to 4,010. CAC and DAX gained 2.93% and 8.99% to 3,157 and 4,724, respectively.

The Dow Jones Futures surged 4.58% to 8,378 and the Nasdaq Futures gained 4.17% at 1,210.

Asian markets ended sharply higher. Hang Seng was up by 14.35%. Nikkei surged 6.41%. Straits Times and Kospi rose 4.14% and 5.57%, respectively. Shanghai jumped 2.81% and Taiwan was up 0.76%. However, Jakarta lost 4.72%.

Crude is trading around USD 64.69 to a barrel on the NYMEX.

Courtesy: moneycontrol.com

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