Positive spillover likely
Led by renewed buying in tech stocks and auto stocks, the benchmark Sensex climbed higher to record its biggest gains since December 14. The Bulls remain merry as Christmas shopping continued on Dalal Street led by gains in index heavyweights like Wipro, TCS, Tata Motors and SBI and Satyam Computers. Finally, the benchmark Sensex closed at 13708, clocking whopping gains of 237 points and NSE Nifty added 69 points to close at 3941.
The Indian Bulls have made a habit of rising against the waves. The bulls had been tiring around moving in a narrow range for last 4 trading sessions. Despite the holiday mood around the globe and expiry of F&O contracts coming this week, markets marched higher on back of buying in counters like Auto, Metal, FMCG, IT and Pharma stocks. In a broad-based rally, IT stocks led from the front with biggies like Satyam and Wipro among the major gainers. Infosys added 2.10% to Rs2220, Satyam Computer surged over 3% to Rs477 and Wipro advance by 4% to Rs598 and HCL Tech added 2% to Rs617.
Capital good stocks were also in the limelight. BHEL added 1.5% to Rs2337, Punj Lloyd was up by nearly 3% to Rs1016, Siemens added 1.10% to Rs1135 and ABB was up by 1.7% to Rs3601.
Auto stocks were in top gear. Maruti gained 0.6% to Rs931, Tata Motors advanced 3% to Rs885, M&M was up 1.2% to Rs881 and Bajaj Auto added 1.9% to Rs2643.
Buying was also seen in the Banking stocks. Index heavy weight SBI gained 2.6% to Rs1247, PNB advanced 2% to Rs508, OBC was up 2.3% to Rs225 and ICICI Bank added 2% to Rs873.
Moser Baer climbed by 7% to Rs312 after the company announced that it has ventured into Entertainment space and has entered Home Video. The scrip touched an intra-day high of Rs315 and a low of Rs265 and recorded volumes of over 15,00,000 shares on NSE.