Bulls will take cue from global markets
The markets ended with healthy gains after falling sharply in last few trading sessions, the key indices finally looked in good health today led IT stocks. The large cap stocks like Infosys, ACC, Bharti Airtel, TCS and L&T heavily drove the rally. Select Mid-Cap stocks like Glenmark Pharma, Ashok Leyland, Divi’s Lab and TVS Motors also participated in the rally. The Technology stocks led from the front with Bank and the Capital Good stocks also contributing towards the gains. Finally, the 30-share benchmark Sensex jumped 282 points to close at 12697. NSE Nifty surged 79 points to close at 3655.
Ashok Leyland paced ahead by over 5% to Rs38 after the company registered its February sales at 8036 units (up 33%). The scrip touched an intra-day high of Rs38 and a low of Rs36 and recorded volumes of over 1,00,00,000 shares on NSE.
Rane Holdings gained 3% to Rs172 after the founders offered to buy 20% more of the company at Rs192 per share. The scrip touched an intra-day high of Rs182 and a low of Rs170 and recorded volumes of over 4,000 shares on NSE.
Technology stocks were the top gainers. Heavy weight Wipro surged by over 8% to Rs580, Infosys spurred by over 5.5% to Rs2122 and Satyam Computer added 5.5% to Rs433. Rolta, Moser Baer and Mphasis BFL were among the major gainers.
Telecom stocks also rang with gains. Index heavy weight Bharti Airtel surged nearly by 5% to Rs720, MTNL rose over 5% to Rs141, VSNL was up by 2.5% to Rs363 and Reliance Communication added 0.5% to Rs400.
Pharma stocks also were in good health. Glenmark rallied by over 9% to Rs551, Divi’s Lab rose over 4% to Rs2759, Cadila was up by 2.6% to Rs312, Cipla advanced 2.1% 5o Rs221 and Dr Reddy’s Lab added 0.8% to Rs622.
Auto stocks also shifted to higher gear towards the end. TVS Motor raced ahead nearly by 7% to Rs57, Maruti advanced 2.5% to Rs791, M&M gained 2.3% to Rs725 and Bajaj Auto edged higher by 0.4% to Rs2461
FMCG stocks pared its intra-day gains on back of profit booking. HLL dropped by over 1.5% to Rs171, Dabur slipped 1.4% to Rs91, Colgate was down 1.8% to Rs307 and Nirma edged lower by 0.3% to Rs319.