Market gears up for fresh rally

The market has recovered from its CRR blues as the Sensex added another 360 points during intra-day trades on the back of sustained buying in a majority of the counters including the heavyweights. The Sensex resumed 97 points higher at 14107 on firm international indices and fall in the crude oil prices. The market remained above 14260 for a major portion of the trading session and turned bullish towards the close as strong buying in technology, consumer durables, consumer goods and banking stocks took the index to an intra-day high of 14373. The index ended the session at 14356, gaining 346 points. The Nifty added 99 points and closed at 4146.

The market breadth was positive. Of the 2,646 stocks traded on the BSE, 2116 stocks advanced, 497 stocks declined and 33 stocks ended unchanged. All the sectoral indices were back in action and moved up sharply. The BSE CD Index was the major gainer and rose 3.88%. The BSE IT Index jumped 3.79%, the BSE Teck Index added 3.71%, the BSE CG Index gained 3.22% and the BSE Metal Index was up 3%.

Several index heavyweights notched up significant gains. Among the major gainers L&T flared up 4.80% at Rs1692, Satyam Computers zoomed 4.58% at Rs485, Cipla shot up by 4.43% at Rs255, Hero Honda flared up 4.34% at Rs744, Gujarat Ambuja Cement vaulted 4.08% at Rs137, Bharti Airtel advanced 4.05% at Rs792, Maruti Udyog scaled up 4.05% at Rs892, Infosys surged 3.96% at Rs2374, Wipro gained 3.93% at Rs676 and ICICI Bank added 3.66% at Rs948. The other front-line stocks also moved up by 2-3% each. However, Ranbaxy dropped 5.09% at Rs394 and NTPC shed 1.32% at Rs142 while Reliance Energy, ACC, Bajaj Auto and Grasim slipped around 1% each.

Consumer durable stocks were in the limelight. Gitanjali Gems at Rs244 flared up nearly 7.98%, while Titan Industries rose 5.46% at Rs1,005, Blue Star scaled up 4.87% at Rs226, Lloyd Electric jumped 3.77% at Rs179, Rajesh Exports moved up by 2.03% at Rs447 and Videocon gained marginally at Rs445. Among the IT majors, Financial Technologies shot up by 6.89% at Rs2,200 and Mphasis advanced 4.25% at Rs307 while Iflex Solutions, Tech Mahindra, TCS, HCL Technologies and Patni Computers flared up 1-3% each.

Over 63.96 lakh IDFC shares changed hands on the BSE followed by IDBI (36.58 lakh shares), Hindalco (30.84 lakh shares), Arvind Mills (24.73 lakh shares) and SAIL (19.56 lakh shares).

Value-wise Reliance Communications clocked a turnover of Rs78 crore followed by Reliance Industries (Rs67 crore), IDFC (Rs65 crore), Ranbaxy (Rs59 crore) and Suzlon (Rs57 crore).