Bears loosen grip
The bulls had yet another day of joy as the emerging markets went steady to firm. It played an important role in firming the sentiments of investors on the domestic bourses. The key indices extended their gains for third straight day as sustained buying in the index heavy weights like Tata Steel, SBI, ACC, ONGC and Infosys aided the markets to recover smartly last couple of days. The bulls rode smoothly on Metal and banking stocks managing to recoup over 600 points putting up a good fight. Finally, the BSE benchmark Sensex added 127 points to close at 13614. NSE Nifty gained 45 points to close at 3888.
Ranbaxy gained 1% to Rs375 after the company received US approval to sell Bristol-Myers Cefzil version. The scrip touched an intra-day high of Rs400 and a low of Rs374 and recorded volumes of over 4,00,000shares on NSE.
Maruti edged higher 0.3% to Rs905 as reports state that the company would raise Car prices in January. The scrip touched an intra-day high of Rs917 and a low of Rs901 and recorded volumes of over 3,00,000 shares on NSE.
ACC surged by over 3% to Rs1060 as its Board approved a capex of about Rs14.8bn for augmenting the capacity at New Wadi plant by about 3mn tonnes Per Annum. The scrip touched an intra-day high of Rs1072 and a low of Rs1036 and recorded volumes of over 7,00,000 shares on NSE.
Bajaj Hind has gained 1.1% to Rs234 after the company announced its plans to double Sugar output and boost ethanol sales. The scrip touched an intra-day high of Rs239 and a low of Rs232 and recorded volumes of over 22,00,000 shares on NSE.
The Metal stocks were shinning brightly on back of firm metal prices on LME. SAIL urged over 3.6% to Rs82, Tisco spurred 3.55 to Rs451, Hindalco advanced 2.5% to Rs175 and National Aluminum added 2%to Rs207.
The Capital Good stocks recorded smart gains. BHEL advanced by over 2% to Rs2512, Punj Lloyd surged 3% to Rs1046, Siemens gained 1% to rs1149 and L&T added 1.2% to Rs1470.
Banking stocks again ended with smart gains. Index heavy weight SBI and HDFC bank were among the major gainers. Among the Mid-Cap stocks Bank of India surged over 4% to Rs192, Canara Bank spurred 5.4% to Rs280 and Bank of Baroda jumped 4.8% to Rs246.
Telecom stocks were hogging the limelight. Reliance Communication surged over 4% to Rs466, VSNL spurred over 3% to Rs411 and Bharti Airtel gained 1% to Rs615.
Auto stocks also ended with gains. Two-Wheeler major, Hero Honda, M&M, Maruti and Bajaj Auto were among the major gainers.