Strong market breadth

The market breadth was strong on BSE, as small-cap and mid-cap stocks also participated in the rally.

At 12:35 IST, the BSE Sensex was up 16.96 points (0.14%) to 13863.68. Earlier today, the Sensex opened with an upward gap at 13846.71 as buying continued following 148 point’s surge on Friday (1 December) and moved to an all time high of 13911.64. It low for the day is at 13828.90.

The total turnover on BSE amounted to Rs 2515 crore

Market breadth was strong with over 1.5 gainers for every single loser on BSE. 1501 shares rose, 900 declined while 63 remained unchanged. The BSE Mid-Cap index was up 0.86% while the BSE Small-Cap index rose 0.90%.

Among the Sensex pack, 19 advanced while the rest declined.

Tata Motors was the top gainer, up 4.10% to Rs 877.50 on 5.16 lakh shares. It had surged to an intra-day high of Rs 885. Tata Motors’ vehicle sales rose 43% in November to 49,061 units compared with the same month a year ago. Sales of commercial vehicles rose 46 percent to 25,793, while sales of cars rose 48% to 19,475, helped by a surge in sales of its Indica model. Exports rose 9.6% to 3,793 units. Its ADR surged 5% on Friday on NYSE.

Reliance Energy (REL) (up 3.12% to Rs 557.10), and NTPC (up 2.10% to Rs 151.15) were the other gainers.

Index heavyweight Reliance Industries rose 0.43% to Rs 1266.40 on 3.15 lakh shares. The company has restarted a fire-damaged hydrotreater unit at its Jamnagar refinery in Gujarat on 1 December. The unit had been shut since a fire on 25 October. Reliance had said in November that no major equipment had been damaged in the fire.

IT counters witnessed selling pressure. Satyam Computers was the top loser, down 2.54% to Rs 455 on 2.59 lakh shares. Other IT shares, Wipro (down 1.73% to Rs 590.50) and Infosys (down 0.20% to Rs 2189) declined.

Among the side counters, Steel pipe maker Welspun Gujarat Stahl Rohren surged 6.13% to Rs 94.30 on high volumes of 42.93 lakh shares after three block deals of 5 lakh shares each were struck on the counter at an average price of Rs 86.60 per share in opening trade on BSE.

K Sera Sera Productions jumped 6.35% to Rs 31 after it agreed to buy 80% of Lemon Entertainment, from Lemon's founders. Lemon Entertainment runs Lemon TV channel.

Helicopter operator Global Vectra Helicorp surged 9.75% to Rs 207.10 boosted by reports that the government proposes to raise FDI limit in helicopter firms and in non-scheduled airline operations to 74% from 49%.

Essar Shipping jumped 10.52% to Rs 30.95 after its board of directors on Saturday approved delisting of the company’s shares from the Bombay Stock Exchange. The company would seek shareholders` approval next month for this purpose.

Havells India rose 1.26% to Rs 337.50 after the company said it is entering into a collaboration agreement with a leading European motor manufacturing company for its new project of electric motors at Nimrana, Rajasthan.

The latest data showed FIIs resumed buying after two-day outflow. FIIs bought shares worth a net Rs 258.10 crore on Thursday 30 November while Mutual funds sold shares worth a net Rs 88 crore on that day.

US stocks fell on Friday after a manufacturing index showed its weakest reading in more than three years and a Federal Reserve official said more rate hikes may be required to control inflation. The Dow Jones industrial average fell 27.80 points, or 0.23%, to 12,194.13, while the Standard & Poor's 500 Index dropped 3.92 points, or 0.28%, to 1,396.71. The Nasdaq Composite Index sank 18.56 points, or 0.76%, to 2,413.21.