Bankex gears market up

The benchmark Sensex started the day almost flat with a negative gap of 87 points at 14788. Weak global cues ruled the sentiment leading to selling in front-line and fast moving oil stocks, dragging the index to its day's low of 14622 by mid-morning. However, firm opening in European markets and sustained buying in select heavy weights, banking and public sector undertakings stocks turned the tide and the Sensex entered the positive territory to touch the day’s high of 15022. But, the index remained range-bound though with a positive bias thereafter due to some profit booking at higher levels and lack of buying interest. The Sensex closed the session 82 points up at 14958 and the broader Nifty ended 34 points higher at 4518.

12 out of the 13 sectoral indices at the BSE were up for the day, with BSE Bankex and BSE PSU leading the upsurge, posting 2.26% gains each. BSE Power (up 2.26%) and BSE Metal (up 1.92%) occupied the second and third slot respectively. The only sector to remain down today was oil and gas with the BSE Oil & Gas tumbling 0.98% for the day. The market breadth was positive. Of the 2,722 scrips traded on the BSE, 1,642 stocks advanced, whereas 1,007 stocks declined. Seventy three stocks ended unchanged.

Among Sensex stocks, Reliance Infrastructure was the lead gainer soaring by 6.14% at Rs1,268.55. State Bank of India advanced 4.39% at Rs1,714.10, JP Associates moved up 4.07% at Rs218.85, Tata Steel jumped 3.88% at Rs450.90, Tata Power shot up by 3.66% at Rs1,180.85, Sun Pharmaceutical Industries added 3.29% at Rs1,321.45 and Hindalco Industries rose 3.29% at Rs99. Among laggards, Sterlite Industries dropped 4.42% at Rs634.10, Reliance Industries shed 1.78% at Rs2,141, Bharti Airtel declined 1.30% at Rs807.90 and Wipro lost 1.18% at Rs397.

Over 15 crore shares of Cals Refinery changed hands on the BSE followed by Reliance Natural Resources (4.53 crore shares), IFCI (2.20 crore shares), Unitech (2.14 crore shares) and Suzlon Energy (1.66 crore shares).