Global rally pushes Sensex 350 points higher

Strong buying across the board amid good global cues took the Sensex and the Nifty above the levels of 16000 and 4800 respectively.

Headlines for the day

Moody's upgrades India's rating to investment grade

Car sales rise 8.5% in December

Indusind Bank gains after Q3 results

Kingfisher Airlines asks aviation minister for financial help

Kiri Industries hits 5% upper circuit on fund raising



Indian indices

Today’s sharp rally on the Dalal Street was led by buoyant global cues. Consistent buying was witnessed across the board, which kept the Indian markets higher throughout the day. Gains in heavyweights like RIL, ICICI Bank, HDFC, M&M, L&T, SBI, Infosys and ITC were the major contributors to the Sensex.

The markets touched their highest level in more than four weeks, with the Sensex moving above the 16000 mark and the Nifty above 4800.

Sensex movements: Tracking positive Asian cues, the Sensex resumed the session up by 84 points at 15898 as compared with its previous close of 15815. The index maintained its uptrend and extended gains as the session progressed. Further, positive European cues and all-round buying led the Sensex to touch an intraday high of 16181 in late trade. The Sensex closed at 16165, up by 350 points and the Nifty settled 107 points higher at 4850.

Market sentiment

The market breadth stood very strong. Of the 2913 stocks traded on the BSE, 2137 (73.36%) rose, 671 (23.03%) fell and 105 (3.60%) remained unchanged.

Viewing volumes

India's biggest real estate developer - DLF witnessed highest trading, with over 0.62 crore shares changing hands on the BSE. Following that, Wind turbine major - Suzlon Energy (0.53 crore shares), an integrated infrastructure development company — Lanco Infratech (0.53 crore shares), industrial finance company – IFCI (0.41 crore shares) and sugar making company - Shree Renuka Sugars (0.36 crore shares).

Sectoral & stock screening

All the 13 sectoral indices closed higher. Top Gainers - BSE Realty up by 4.20%, BSE CG up by 3.56% and BSE Bankex up by 3.17%.

Among 'A' group stocks, top three gainers - IRB Infrastructure Developers jumped by 10.20%, JSW Steel gained by 10% and Sintex Industries rose by 9.70%. Top three losers — Gujarat Fluorochemicals dipped by 1.95%, Coromandel International slipped by 1.94% and Hindustan Copper fell by 1.43%.

Global signals

The European stock markets rose on Tuesday (January 10, 2012), buoyed by gains for banks and miners, while Philips Electronics NV and Software AG fell after their respective fourth-quarter warnings.

The Asian stock markets closed higher on Tuesday on stronger US and Australian economic reports and speculation that slowing China trade boosts the case for easier monetary policy.

The US stock index futures pointed to a strong opening on the Wall Street on Tuesday.