Another swinging day likely
The bulls emerged victorious for yet another day for the fourth straight trading session in a highly volatile day. NSE Nifty witnessed sharp intra-day swings, keeping the bulls on the tenterhooks in the morning session. However, strong buying in Reliance Industries, Auto stocks and some short covering in index heavyweights lifted the key indices higher in the late afternoon trades. Buying demand was seen in frontline stocks like ONGC, Tata Motors, Tata Steel and ICICI Bank. Finally, the BSE benchmark Sensex added 116 points to close at 13731 and NSE Nifty gained 40 points to close at 3928 after touching a high of 3934 and a low of 3828.15, recording an intra-day swing of over 100 points.
Tata Power surged 5.8% to Rs591 as reports stated that the company won Mumdra Power project. The scrip touched an intra-day high of Rs600 and a low of Rs547 and recorded volumes of over 6,00,000 shares on NSE.
Tata Motors paced ahead by 4% to Rs892 after the company announced that the Joint Venture with Thai Venture would sell new vehicles in 'Near Future'. The scrip touched an intra-day high of Rs895 and a low of Rs831 and recorded volumes of over 19,00,000 shares on NSE.
Ashok Leyland advanced 1.7% to Rs42 after the company signed an accord with Brehon Energy. The scrip touched an intra-day high of Rs42 and a low of Rs35 and recorded volumes of over 32,00,000 shares on NSE.
Ranbaxy jumped by over 4% to Rs390 after the company announced that it would partner with Government in Drug discovery Research. The scrip touched an intra-day high of Rs396 and a low of Rs378 and recorded volumes of over 17,00,000 shares on NSE.
Oil & Gas stocks were among the major gainers, with the BSE Oil& Gas index adding 2.97%. Oil exploration stocks were in demand. ONGC surged 4.1% to Rs854 amid reports that it has struck huge gas reserves in the Bay of Bengal and RIL advanced 2.8% to Rs1289 after the company found Oil Reserve in KG Basin.
Pharma stocks recorded smart gains. Glaxo surged over 3% to Rs1158, Lupin was up 1.1% to Rs582 and Glenmark Pharma advanced 2.1% to Rs595 after the company received an upfront payment from Merck.
Auto stocks gained momentum on back of fresh buying. Maruti, Hero Honda, Maruti and M&M were among the major gainers.
PSU stocks ended with healthy gains. SAIL advanced 2.7% to Rs85, BEML edged higher by 0.6% to Rs962, JK Bank nearly advanced 8% to Rs619 and PNB added 0.7% to Rs510.