Market rebounds
The markets bounced back as bulls wiped off Wednesdays losses. After falling over 120 points in the previous trading session the key indices bounced back after RBI lifted the growth projections for the current fiscal to 8.5-9% over its last estimate of 8%. The U.S Fed policy-makers kept the short-term interest rate steady at 5.25% for the fifth time in a row also aided the rally. Further all round buying in scrip’s across the sectors lifted the benchmark Sensex to hit an intra-day high of 14278.08. All the key indices finished in green with ABB, SBI, Tata Motors, Bharti Airtel, RIL and Infosys among the major gainers. Finally, the BSE benchmark Sensex surged 176 points to close at 14267. NSE Nifty advanced by 54 points at 4137.
SAIL surged over 3.5% to Rs112 after the company received order worth Rs1.17bn. The scrip touched an intra-day high of Rs113 and a low of Rs104 and recorded volumes of over 15,00,00,000 shares on NSE.
Ranbaxy Labs gained 0.5% to Rs411 after the company received FDA approval to market Amoxicillin & clavulanate potassium. The scrip touched an intra-day high of Rs411 and a low of Rs405 and recorded volumes of over 6,00,000 shares on NSE.
ACC advanced 1.5% to Rs1034 after the company declared its Q4 result with net profit at Rs3.58bn (up 106%), sales at Rs16.2bn (up 50%) and announced that they would pay Rs15 as dividend. The scrip touched an intra-day high of Rs1053 and a low of Rs1015 and recorded volumes of over 10,00,000 shares on NSE.
Maruti advanced 1.6% to Rs940 after the company announced its January sales at 66341 units (up 30%). The scrip touched an intra-day high of Rs954 and a low of Rs920 and recorded volumes of over 6,00,000 shares on NSE.
Banking stocks were in the limelight. Heavy weight ICICI Bank was up by 1.2%to Rs952 and HDFC Bank added 2.3% to Rs1103. PNB, Bank of India and OBC were the major gainers among the Mid-Cap stocks.
Technology stocks ended with smart gains. The Mid-Cap stocks were among the major gainer, NIIT Ltd surged over 4.5% to Rs587, Moser Baer advanced 2.5% to Rs356 and Mphasis BFL gained 3.8% to Rs290. However, Wipro, Infosys and Satyam Computer were the major gainers among the heavy weights.
Pharma stocks recorded healthy gains. Divi’s Lab surged over 3% to Rs3339, Sun Pharma was up 1.5% to Rs1045 and Lupin advanced 1.2% to Rs608.
Capital Good stocks also gained momentum towards the end. ABB surged over 5% to Rs3805, Siemens rose over 2% to Rs1170, L&T was up by 0.9% to Rs1602 and Punj Lloyd added 1% to Rs1019.