Sensex regains 16K, Nifty 4800

Today's major news

Hindalco Industries to raise Rs4,900 crore; the stock rises 1.28%

Four Soft implements 4S eCustoms at Charter Brokerage; the stock surges 1.66%

Food inflation rises to 17.94% for the week

Bankers reject Reserve Bank of India’s suggestion over home loan teaser rates

Premier Energy’s board approves rights issue; the stock jumps 7.26%

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Post-market summary

Global signals

European indices rose for the fourth straight session, as banks gained the most ahead of crucial EU summit that will discuss the rescue plan for Greece. At the time of writing this report FTSE 100 was up by 0.82%.

All the Asian indices closed higher with Hang Seng up by 1.85% and SGX Nifty up 64 points.

US stock futures opened higher on Thursday as investor keep an eye on data related to initial claims and continuing claims.

Indian indices

Taking lead from strong global markets, the Sensex opened only six points higher at 15928 (which was also the day’s low). As the day progressed, bulls capitalized on their gains and pushed the Sensex to the day’s high of 16203 led by heavyweights Reliance Industries and ICICI Bank and buying in automobile and oil & gas stocks. In the process, the Sensex regained 16000 levels while Nifty regained 4800 levels. At finishing line, the Sensex closed at 16202, 230 points higher while Nifty closed 70 points higher at 4827 level.

Market sentiment

The market breadth, the number of advancing shares to declining shares, was positive. Of the total 2,906 stocks traded on the BSE, 1617 stocks advanced, whereas 1194 stocks declined. Ninety-five stocks closed unchanged.

Sectoral & stock screening

All the 13 sector indices on BSE closed positive. On investor interest in automobile, oil and gas and real estate stocks, BSE Auto was up by 2.14%, the most for any sector indices, BSE Oil & Gas was up 2.06% and BSE Realty was 1.98% higher.

On the stocks' front, Shree Ranuka Sugars surged the most—by 6.08%—followed by Fortis Healthcare, which rose 5.75%, and Jain Irrigation that jumped 5.34%. On the losers’ list, Rural Electrification Corporation was hit the most--3.30%--followed by Power Finance, which slid by 2.18% and Glenmark Pharma that fell 1.95%.

Viewing volumes

India’s second biggest realtor Unitech drew maximum interest with 0.97 crore shares changing hands on the BSE followed by industrial finance company IFCI (0.38 crore shares), Fortis Healthcare (0.31 crore shares), wind power major Suzlon Energy (0.30 crore shares) and integrated steel maker Ispat Industries (0.29 crore shares)