All round buying lifts Sensex
The markets surged higher for the second straight trading session after suffering huge fall in recent trading sessions. The benchmark index has recovered nearly 500 points in couple of days recouping almost half of their losses. The key indices registered strong opening tracking the firm Asian and US Markets. From, there on, there was no looking back as heavy buying was witnessed in scrip’s across the sectors. The Banking and Technology stocks led from the front each gaining over 2.5%. Heavy gains in the index heavy weights like ICICI Bank, RIL, Infosys and L&T aided the benchmark index to pierce the 13500 mark and supported NSE Nifty to close above the 3800 mark. Finally, the BSE Benchmark Sensex accumulated 305 points to close at 13487. NSE Nifty gained 77 points to close at 3843.
Punj Lloyd rallied over 8% to Rs1015 after the company announced that they have set up Engineering Services Outsourcing Company. The scrip touched an intra-day high of Rs1024 and a low of Rs941 and recorded volumes of over 8,00,000 shares on NSE.
Maruti gained 2.1% to Rs903 amid reports that it would hike prices in January. The scrip touched an intra-day high of Rs910 and a low of Rs890 and recorded volumes of over 5,00,000 shares on NSE.
Reliance Communication gained over 3.5% to Rs447 as reports stated that it has got loan from ABN Amro, Standard Chartered, Citi Group. The scrip touched an intra-day high of Rs451 and a low of Rs432 and recorded volumes of over 71,00,000 shares on NSE.
Air Deccan gained 1.5% to Rs134 as reports stated that the Government is considering relaxing the criterion for flying overseas, from five years of domestic operations to three years. The scrip touched an intra-day high of Rs141 and a low of Rs134 and recorded volumes of over 13,00,000 shares on NSE.
Pharma stocks continued their northward journey. Sun Pharma gained over 2.5% to Rs958, Dr Reddy’s Lab advanced 2.6% to Rs805, Cipla was up 4.2% to Rs247and Cadila spurred 4.3% to Rs326.
Telecom stocks were ringing with smart gains. Bharti Airtel advanced 2% to Rs610 after the company announced their plans to form Mutual Fund Joint Venture with Axa, R Com spurred 3.5% to Rs447, VSNL was up 2.1% to Rs392 and MTNL added 0.7% to Rs132.
The real Estate stocks hogged the limelight. Bombay Dyeing spurred 7.7% to Rs719, Mahindra Gesco surged 5.5% to Rs952 and Century Textile advanced 6.4% to Rs669.
Cement stocks were trading higher. Gujarat Ambuja surged 3.4% to Rs138, ACC advanced 2.3% to Rs1028, Grasim was up 1.9% to Rs2665 and India Cement spurred 4.7% to Rs215.
Broadcasting stocks also put on a good show. Zee Telefilms spurred 5.3% to Rs353 after the company set Dec 18 as date for split into 3 companies, Sun TV spurred by over 4.95 to Rs1326, NDTV gained 2.7% to Rs204 and TV Today was up nearly by 3% to Rs70.