Recovery may continue
The bulls made a strong come back on the bourses with benchmark BSE Sensex surging 345 points to close above the 14300 mark. NSE Nifty advanced nearly by 100 points. After registering strong opening the key indices traded firmly throughout the day keeping the bears off shore. The Capital Good, Metal, Technology and Banking index led from the front as the Inflation numbers which were at 6.73% in week ended February 3rd against expectation of 6.58% were ignored by the investors on D-Street. Further all round buying in scrip’s across the sectors lifted the benchmark Sensex to hit an intra-day high of 14372.96. Finally the BSE 30-share benchmark Sensex rallied 345 points to close at 14355. NSE Nifty surged 99 points to close at 4146.
House of Pearl Fashions made a weak debut on the bourses today. The stock opened at Rs500 as against the issue price of Rs550. The scrip slipped by over 15% to Rs466 touching an intra-day high of Rs525 and a low of Rs444 and recorded volumes of over 82,00,000 shares on NSE. The company entered capital market with an IPO of 5.98mn shares of Rs10 each.
NTPC slipped 1.3% to Rs142. The company signed an agreement with BEML for Coal Venture. The scrip touched an intra-day high of Rs146 and a low of Rs140 and recorded volumes of over 48,00,000 shares on NSE.
Capital Good stocks were among the major gainers. L&T surged over 5% to Rs1695, ABB advanced 2.2% to Rs3804, BHEL was up by 2.8% to Rs2385. However, Punj Lloyd edged lower 0.5% to Rs971.
Metal stocks shined brightly on back of fresh buying. Hindustan Zinc spurred over 7% to Rs666, Nalco surged by 5% to Rs244, Sterlite industries advanced 5% to Rs496 and SAIL gained 4.8% to Rs113.
Telecom stocks also recorded smart gains. Index heavy weights Bharti Airtel surged over 4% to Rs793, R Com spurred over 3% to Rs466, VSNL was up by 2.7% to Rs428 and MTNL added 3.7% to Rs151.
Auto stocks further gained momentum after government reduced gasoline prices by Rs2 per Liter. M&M surged over 5% to Rs901, Hero Honda paced ahead 4.7% to Rs745, Maruti spurred over 4% to Rs892 and Tata Motors added 2.2% to Rs869.
Fresh buying boosted the Sugar stocks. Bajaj Hindusthan surged over 12% to Rs160, Balrampur Chini spurred over 8% to Rs64, Sakhti Sugar jumped over 7% to Rs75 and Dhampur Sugar gained nearly by 6% to Rs77.