Sensex rallies on metal stocks

The market resumed on a quiet note in line with its global peers as investors were playing with caution ahead of the Securities and Exchange Board of India's decision on participatory notes and expiry of October series of derivative contracts. As trading progressed, the market gradually moved northwards and touched the day's high of 18,900 during late trades. The Sensex received major support from Tata steel, ICICI Bank, and Maruti Udyog. The market remained above the crucial 18,700 level for a major portion of the day, but profit-taking towards the fag end saw the Sensex pare some profits and end the session at 18,771, up 258 points. The Nifty moved up 73 points to close at 5,569.

The market breadth was positive. Of the 2,800 stocks traded on the Bombay Stock Exchange (BSE), 1,586 stocks advanced, 1,144 stocks declined and 70 stocks ended unchanged. The BSE Metal index led the surge in the sectoral indices and rose 4.13% at 16,425. The BSE Bankex index, the BSE Auto index, the BSE CD index, the BSE CG index, and the BSE PSU index were the other notable gainers, while the BSE FMCG index ended weak.

Buying was led by Tata Steel, which notched up gains of 8.03% at Rs989. Among the other gainers ICICI Bank advanced 4.44% at Rs1,146, Maruti Udyog added 3.61% at Rs1,159, Bharti Airtel moved up 3.41% at Rs1,020, HLL jumped by 2.42% at Rs221, Tata Motors gained 2.41% at Rs793 and HDFC Bank was up 2.28% at Rs1,541. However, Cipla tumbled 5.01% at Rs187, Dr Reddy’s slipped 2.44% at Rs615, ACC fell 1.57% at Rs1,061 and ITC was down 1%, while HDFC, Reliance Energy, Infosys and Satyam Computer were down marginally.

A sharp rally was witnessed in metal stocks today. Jindal Steel soared 5.92% at Rs7,929, Sterlite Industries scaled up 4.96% at Rs923, Nalco surged 4.95% at Rs297 and Bhushan Steel moved up 3.12% at Rs1,048.

Over 2.33 crore IFCI shares changed hands on the BSE followed by Reliance Petroleum (1.39 crore shares), Reliance Natural Resources (1.38 crore shares), GTL Infrastructure (1.34 crore shares) and Tata Teleservices (1.05 crore shares).

Value-wise, Maytas Infra registered a turnover of Rs426 crore on the BSE followed by Reliance Energy (Rs406 crore), Reliance Industries (Rs295 crore), Reliance Capital (Rs292 crore), and Reliance Petroleum (Rs270 crore).