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12-31-2009, 02:46 AM #1
Sensex ends at 19 month high at 17, 401.56
The Sensex of the Bombay Stock Exchange (BSE) today zoomed to a 19-month high at 17,401.56, slightly up by 40.95 points, on scattered bull support in view of strong global cues.
Trading resumed today after a four-day break.
The Nifty continued to move up for the third consecutive session and closed at a new 2009 high of 5187.95. It crossed the psychological 5,200 mark during the day, for the first time since May 2008 but could not close above that level.
The market extended gains for the fourth straight session on sustained buying demand for pivotals. Global cues were positive with European stocks and most Asian markets trading firm.
Power generation stocks witnessed an across the board rally on fresh buying and Telecom shares also gained.
However, software pivotals declined on profit booking after a recent strong upmove, which had propelled some of the counters to a 52-week high. Auto stocks were mixed. Two index heavyweights Reliance Industries and ICICI Bank rose.
The BSE Sensex hit its highest in 19 months in early trade and a bout of volatility was witnessed as it pared gains after an initial rally. The Sensex dipped to an intra-day low in mid-morning trade only to rebound thereafter.
The Sensex and Nifty hit fresh 19-month highs in afternoon trade.
The market extended gains in mid-afternoon trade, tracking higher European markets and further recovery in Asian stocks. A sell-off pulled the market off the higher level in late trade.
Trading volumes are likely to remain low this week as most foreign fund managers are on year-end vacation. The market is closed on Friday for the New Year holiday, brokers said.
Volatility may zoom as traders roll positions in the derivative segment from December 2009 series to January 2010 series ahead of the expiry of the near-month December 2009 contracts on Thursday.
Rollover in Nifty futures was about 36 per cernt at the end of last thursday's trading. Rollover in Mini Nifty futures was about 41 per cent.
The Sensex opened 28.06 points higher at 17,388.67 and gained 125.44 points at the day's high of 17,486.05 in mid-afternoon trade, its highest level since May 16, 2008. The Sensex rose 12.02 points at the day's low of 17,372.63 in mid-morning trade The S and P CNX Nifty resumed up 2.35 points to 5180.75. Nifty struck an intra-day high of 5214.60, its highest level since May, 5 2008.
The market breadth was strong. On BSE, 1866 shares advanced as compared with 984 that declined. A total of 85 shares remained unchanged. The total turnover on BSE amounted to Rs 3924 crore, lower than Rs 4,908.86 crore on December 24.
The BSE key indices rallied modestly as top SML CAP was up by 1.16 per cent to settle at 8214.97 pts, CD index by 0.99 pc to 3691.60 pts, Metal index by 0.92 pc to 17,493.75 pts, Power index by 0.66 pc to 3154.04 pts, MID CAP index by 0.50 pc to 6674.47 pts and Bankex index by 0.37 pc to 10,005.36 pts.
But a few leading indices eased as HC index was down by 1.37 pc to 5039.90 pts, IT index by 0.65 pc to 5141.96 pts and Realty index by 0.41 pc to 3838.16 pts.
Reliance Infra went up by 2.85 per cent to Rs 1,131.50, leading the top gainers in Group A on the BSE at the end of the session. Among the other heavyweight gainers were Hindalco Ind, which moved up by 2.73 per cent to Rs 162.05, ICICI Bank by 1.73 per cent to Rs 877.65, Bharti Airtel by 1.51 per cent to Rs 325.75 and HDFC by 1.25 per cent to Rs 2,685.10.
However, key shares that eased included Wipro, down by 1.85 per cent to Rs 661.20, Sun Pharma by 1.64 per cent to Rs 1,537.95 and ONGC by 0.96 per cent to Rs 1,186.25.
Top percentage gainers - Birla Ericsson, 21st Century Management, Accel Frontline, Gallantt Metal, Euro Ceramics and SKM Egg Product shot up 20 per cent each.
In the midcap space, Apollo Hospital, Ispat Industries, Future Capital, Castrol and SKF India gained 6-12 per cent while Great Offshore and Gammon India (on concerns of Kota bridge collapse) slipped over 6 per cent.
Amtek Auto, BGR Energy and HCL Info were down 2.7-3.4 pc. In the smallcap space, Sunflag Iron, BL Kashyap and Sarda Energy went up 11-12.5pc while Hinduja Global, Gee Kay Finance, Sasken Communications, 3i Infotech and Bombay Burmah lost between 3.5 and 5 per cent.
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