Market continues to gain momentum; Sensex up 131 points

The Indian markets witnessed volatility today and closed the trade in the positive terrain. The Sensex up 131 points and the Nifty up 34 points

Headlines for the day

Supreme Court cancels 122 telecom licences issued after Jan 2008
Govt discontinues weekly WPI release
Hexaware Tech hits 52-week high on strong Q4 numbers
Corporation Bank Q3 net profit up 5%
RCF Q3 net profit down by 21%



Indian indices
The Indian markets extended previous sessions’ gains, with major support coming in from technology, metal, capital goods, power and banking stocks. Heavyweights like Bharti Airtel, DLF, TCS, L&T, Sterlite, ICICI Bank, Infosys and Wipro were the positive contributors to the Sensex. Positive global peers also helped markets to stay in green.
Sensex movements: Tracking positive global cues, the Sensex began the session up by 137 points at 17438. The index hit the day's high of 17504 and a low of 17308 in the first half of trade. However, it gathered momentum tracking positive European cues and ended the session in green. The Sensex closed at 17432, up by 131 points and the Nifty settled at 5270, up by 34 points.
Market sentiment:
The market breadth stood in favour of advances. Of the 2994 stocks traded on the BSE, 1573 (52.54%) rose, 1295 (43.25%) fell and 126 (4.21%) remained unchanged.
Viewing volumes:
India's second largest developer - Unitech was traded the most, with over 1.42 crore shares changing hands on the BSE. Following that a major Indian telecommunication company - Reliance Communications (1.04 crore shares), Wind turbine major - Suzlon Energy - (0.85 crore shares), an integrated infrastructure development company - Lanco Infratech (0.68 crore shares) and Industrial finance company - IFCI (0.58 crore shares).
Sectoral & stock screening:
Ten sectoral indices closed in green, while three stood in red. Top Gainers — BSE TECk up by 2.08%, BSE IT rose by 1.53% and BSE Metal surged by 1.40%. Losers — BSE HC down by 0.62%, BSE CD fell by 0.38% and BSE FMCG declined by 0.26%.
Among 'A' group stocks, top three gainers were- Sintex Industries up by 7.85%, Engineers India surged by 7.15% and Bharti Airtel advanced by 6.88%. Top three losers were- Unitech down by 7.04%, Ashok Leyland fell by 5.95% and Sun TV Network slipped by 5.62%.
Global Indices:
The European shares hit a six-week high on Thursday (February 02, 2012) adding to solid gains after global manufacturing data eased fears about the growth outlook, but with Greek debt talks unresolved, gains were limited.
The Asian indices ended on a positive note on Thursday, tracking sharp overnight gains in Europe and the US amid optimism over the global economic outlook.
The US stock index futures pointed to a flat open on Wall Street on Thursday.
Market outlook: In the US, Jobless Claims and Productivity & Costs will be in focus on Thursday.