Sensex recovers smartly and gains 186 points

After posting losses of over 800 points in the last days, the Sensex witnessed an intra-day swing of 393 points during the trading session. The Sensex began the trading session 16 points above its last close. The index soon eased on profit taking and slipped below the 12850 mark to touch an intra-day low of 12830. The Sensex was range-bound with a positive bias in the afternoon and ended the session with gains of 186 points at 13181. The Nifty advanced 48 points to close at 3765.

The breadth of the market was positive. Of the 2,565 stocks traded on the BSE, 1,646 stocks advanced, 863 stocks declined and 56 stocks ended unchanged. Among the sectoral indices the BSE Bankex advanced 2.97% and the BSE CG index gained 2.26%. The BSE CD index, the BSE Oil & Gas index, the BSE Teck index, the BSE PSU index, the BSE HC index and the BSE IT index closed with steady gains. However the BSE FMCG index closed in negative territory.

Banking stocks advanced sharply. Karnataka Bank at Rs116, Union Bank of India at Rs113, Andhra Bank at Rs81 and Indian Overseas Bank at Rs111 gained around 7% each. However Centurion Bank of Punjab and Allahabad Bank were down with marginal losses.

Reliance Communication led the upmove in the index and surged 7.36% at Rs433. Grasim Industries spurted 4.29% at Rs2,614, SBI soared 4.09% at Rs473, Dr Reddy’s advanced 3.95% at Rs784, Bharti Airtel gained 3.75% at Rs599, ACC advanced 3.61% at Rs1,008 and ICICI Bank was up 3.07% at Rs830. Among the other strong gainers, Moser Baer surged 11.41% at Rs257, Century Textiles jumped 7.78% at Rs630 and BRPL rose 7.31% at Rs45. However ONGC, HLL, Tata Steel and Cipla were down around 1-2% each.

Garware Offshore at Rs212.95, Simplex Trading at Rs78.80, Millars India at Rs116.70, Shivaji Securities at Rs53.75, Bombay Paint at Rs50.65, Mefcom Agriculture at Rs90.45, Vipul at Rs2,025.05 and Insul Electronics at Rs147.40 touched new intra-day highs on the BSE.

Over 39.74 lakhs Parsvnath shares changed hands on the BSE followed by Reliance Communication (38.74 lakh shares), SAIL (34.09 lakh shares), Tata Steel (29.08 lakh shares) and Zee Telefilms (20.14 lakh shares).

Value-wise Reliance Industries clocked a turnover of Rs193 crore on the BSE followed by Parsvnath (Rs176 crore), Reliance Communication (Rs138 crore) and Tata Steel (Rs125 crore).