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Friday, August 29, 2008

Market Bolts


After losing around 433 points in the last two sessions, the market witnessed a strong relief rally in line with the recovery seen in the major Asian indices, each of which were up by 1-2%. The 30-stock Sensex started the day with an advantage--230 points higher at the opening bell. And much like the Jamaican sprinter Usain Bolt, the index kept on increasing the lead till the finishing post, ending 516 points or 3.67% higher. The lowest of the day was the day’s opening --14,279, while the highest of the day was 307 points higher than the previous close.

The market breadth was positive, as of the 2,742 stocks listed on BSE, 67% stocks (1,851 stocks) advanced, while 29% stocks (790 stocks) declined. 4% stocks (101 stocks) ended unchanged.

All the 30 stocks that constitute the Sensex posted gains for the day. State Bank of India, ICICI Bank, and HDFC Bank were the top three gainers of the Sensex stocks, each adding around 6% to their value.

All the 13 sectoral indices ended positive. BSE Bankex led the sectoral indices pack gaining 6.29% for the day. BSE Realty ended 4.79% higher. BSE PSU, BSE Metal, BSE CG, BSE Power and BSE Teck posted gains of around 3% each.

Of the 30 stocks of the Sensex, attracting strong buying State Bank of India flared up 7.19% at Rs1,403.60, Reliance Infrastructure shot up by 5.97% at Rs991.15, ICICI Bank jumped by 5.93% at Rs671.50, Tata Motors advanced 5.44% at Rs440.35, DLF scaled up 5.35% at Rs493.30, Jaiprakash Associates zoomed 5.16% at Rs164.15, HDFC Bank added 5.09% at Rs1277.25, Tata Steel vaulted 4.99% at Rs600.35, BHEL firmed up by 4.77% at Rs1,706.55 and Wipro climbed 4.42% at Rs432.20. Other front-line stocks also moved up by over 2-4% each.

All the 16 banks listed on BSE Bankex added to their value with a predominant majority gaining 5-7% for the day. Kotak Bank flared up 8.79% at Rs605.75, Union Bank jumped 8.60% at Rs143.35, Oriental Bank added 8.48% at Rs165.65, Axis Bank scaled up 7.85% at Rs723.30 and Canara Bank gained 7.67% at Rs215.50. State Bank of India, Indusind Bank, IOB, Punjab National Bank, Yes Bank and Bank of India shot up by over 6% each. Reality stocks too after taking a heavy pounding in the past sessions, registered a smart bounce back. Indiabulls Realestate zoomed 11.51% at Rs288.80, DLF soared 5.35% at Rs493.30, Orbit scaled up 4.39% at Rs257.90 and HDFC surged by 4.08% at Rs288.35. Ansal Infrastructure, Unitech, Sobha Developers, Peninsula Land and Omaxe rose 3-4% each.

Over 1.41 crore Reliance Industries shares changed hands on the BSE followed by Bharti Airtel (1.06 crore shares), Chambal Fertiliser & Chemicals (80.93 lakh shares), IFCI (78.16 lakh shares) and Ispat Industries (75.56 lakh shares).