Sensex ride on global rally

Today's major news

Food inflation eases to 12.63%

Suzlon Energy bags 25MW order from Hindustan Petroleum Corporation; Suzlon ends 0.34% higher

KEC International wins Rs610 crore orders; the stock closes 0.60% higher



Global signals

European shares rose on Thursday (July 08, 2010) for the third straight session as the investor sentiment improved across the globe after the International Monetary Fund (IMF) lifted its forecast on growth.

All the major Asian indices closed in the positive territory, except Shanghai Composite that closed with marginal losses of 0.25%. SGX Nifty closed 58 points higher.

The US stock index futures signal slightly lower opening at the Wall Street on Thursday. The investors may keep an eye on the data related to weekly continuing jobless claims, weekly jobless claims and consumer credit for the month of May.

Indian indices

The Indian markets, after slipping in the previous session, staged a smart come back today to end the session on a strong note. IMF revised its 2010 world gross domestic product (GDP) forecast to 4.6%, up from a previous forecast in April of 4.2%. IMF indicates solid growth in the first half especially in Asia. This positive news boosted the investor sentiment across the globe. The world stocks rallied and looking at that even the domestic markets surged.

Tracking strong overnight gains from the US market and positive Asian markets, the Sensex started the session 65 points higher at 17536. The Sensex broadened its gains in the morning session and continued its northbound journey till the afternoon trade to hit the day’s high of 17728. The buying interest was seen across the board especially in realty, consumer durables (CD) and information technologies (IT) stocks. However, in the late trade, the index trimmed some of its gains as US stock futures turned negative.

At closing, the Sensex settled at 17652, 181 points higher and the Nifty ended 56 points higher at 5297.

Market sentiment

The market breadth was constructive. Of the 3,024 shares traded on the BSE, 1,757 shares advanced whereas 1,163 shares declined. Hundred and four shares remained unchanged

Sectoral & stock screening

Bulls were on a roll, as all the 13 sectoral indices closed on a positive note. The BSE CD led the pack of gainers, up by 1.97%, followed by BSE Realty that surged by 1.61% and BSE IT that rose by 1.46%.

Among 'A' group stocks, Bharat Petroleum Corporation was the star stock of the day posting gains of 5.61% followed by GTL that surged by 5.54% and Bharat Forge that rose by 5.33%. Among losers, Bajaj Holdings & Investment slid the most by 5.05%, followed by REI Agro that fell by 2.80% and Tulip Telecom that shed 2.51%.

Viewing volumes

Industrial finance company - IFCI saw highest trading with over 0.83 crore shares changing hands on the BSE, India’s second largest developer - Unitech (0.29 crore shares), steel maker - Sterlite Industries (0.27 crore shares), Anil Dhirubhai Ambani Group (ADAG) firm - Reliance Natural Resources (0.25 crore shares) and wind turbine major - Suzlon Energy (0.24 crore share).