Date : Jan-16-2009 16:38
Positive cues from the global markets along with news that Bank of America will receive fresh aid from the US government, led the pleasant closure of the Indian markets. The largest U.S. bank by assets, Bank of America Corp., received a $138 billion emergency salvation from the government to support its acquisition of Merrill Lynch & Co. and prevent the global financial crisis from intensifying. The U.S. government agreed to invest $20 billion more in Bank of America and guarantee $118 billion of assets as part of its commitment to maintain financial-market stability. Confidence that the US government will act to prevent the yearlong recession from deepening as well as firm European markets also supported the rally.
The domestic market today made sharp turnaround from the yesterday’s losses and opened higher on the back of positive Asian Markets. Further, market continued to gain ground on the back of sustained buying interest seen across board contributed mainly by US government aid for Bank of America. Though, volatility ruled the bourses in mid-afternoon trade, market managed to make a rebound to trade on firm note. During the final trading hours market gained the most to close the day with gains on huge buying. From the sectoral front, most of the indices ended in green and most of the buying was seen in Reality Oil & Gas, Power, Metal, PSU, Bank and Teck stocks. However, Reality stocks remained out of favour today. Midcap and Smallcap stocks remained quiet during the trading but managed to close in green terrain.
Among the Sensex pack 25 stocks ended in green territory and 5 in red. The market breadth remained in favor of advancers as 1241 stocks closed in green while 1162 stocks closed in red and 94 stocks remained unchanged in BSE.
The BSE Sensex closed higher by 276.85 points at 9,323.59 and NSE Nifty ended up by 91.75 points at 2,828.45. The BSE Mid Caps and Small Caps ended with gains of 16.02 points and 2.29 points at 3,026.83 and 3,412.77 respectively. The BSE Sensex touched intraday high of 9,342.47 and intraday low of 9,125.65.
Gainers from the BSE Sensex pack are NTPC Ltd (7.69%), Reliance Infra (7.34%), Reliance (6.56%), Tata Power (4.89%), Hindalco (4.64%), RCom (4.79%), Bharti Airtel (4.77%), ONGC Ltd (3.72%), ICICI Bank (3.69%) and BHEL (3.24%).
Losers from the BSE Sensex pack are DLF Ltd (3.51%), TCS Ltd (1.38%), Grasim Indus (1.11%), ACC Ltd (0.27%) and Maruti Suzuki (0.22%).
The BSE Oil & Gas index outperformed among all the sectoral indices to close higher by (5.09%) or 287.66 points at 5,933.69. Major gainers are Reliance (6.56%), Reliance Natural Resources (4.05%), Cairn India (3.94%), Gail India (3.75%), ONGC Ltd (3.72%) and HPCL (2.59%).
The BSE Power index inclined (4.29%) or 72.74 points at 1,767.43. Gainers are Neyveli LIG (10.76%), NTPC Ltd (7.69%), Reliance Infra (7.34%), Suzlon Energy (5.42%), Tata Power (4.89%) and BHEL (3.24%).
The BSE Metal also contributed to the rally and ended up by (3.45%) or 166.41 points at 4,995.43. Main gainers are Steel Authority (7.70%), Sesa Goa Ltd (5.13%), Jindal Steel (4.17%), NMDC Ltd (3.86%), Hindalco (3.63%) and Welspan Gujarat SR (2.87%).
The BSE PSU index witnessed northward journey today to close higher by (3.36%) or 165.09 points to at 5,085.20 as Neyveli LIG (10.76%), Steel Authority (7.70%), NTPC Ltd (7.69%), NMDC Ltd (3.86%), Gail India (3.75%) and NMDC Ltd (3.86%), ended in green.
The BSE Bank index gained on hopes lower interest rates may boost lending growth and on expectations of strong Q3 December 2008 results and advanced (2.42%) or 118.96 points to close at 5,037.84 as Federal Bank (9.41%), Yes Bank (4.21%), ICICI Bank (3.69%), Bank of India (3.28%), Kotak Bank (3.10%) and Union Bank (3.09%) ended in positive territory.
The BSE Reality index underperformed the benchmark indices to close with losses of (2.39%) or 42.26 points at 1,723.76. Scrips that lost are Unitech Ltd (5.49%), Mahindra Life (4.27%), DLF Ltd (3.51%), Indiabull Real (3.34%) and Orbit Co (0.75%).
Positive cues from the global markets along with news that Bank of America will receive fresh aid from the US government, led the pleasant closure of the Indian markets. The largest U.S. bank by assets, Bank of America Corp., received a $138 billion emergency salvation from the government to support its acquisition of Merrill Lynch & Co. and prevent the global financial crisis from intensifying. The U.S. government agreed to invest $20 billion more in Bank of America and guarantee $118 billion of assets as part of its commitment to maintain financial-market stability. Confidence that the US government will act to prevent the yearlong recession from deepening as well as firm European markets also supported the rally.
The domestic market today made sharp turnaround from the yesterday’s losses and opened higher on the back of positive Asian Markets. Further, market continued to gain ground on the back of sustained buying interest seen across board contributed mainly by US government aid for Bank of America. Though, volatility ruled the bourses in mid-afternoon trade, market managed to make a rebound to trade on firm note. During the final trading hours market gained the most to close the day with gains on huge buying. From the sectoral front, most of the indices ended in green and most of the buying was seen in Reality Oil & Gas, Power, Metal, PSU, Bank and Teck stocks. However, Reality stocks remained out of favour today. Midcap and Smallcap stocks remained quiet during the trading but managed to close in green terrain.
Among the Sensex pack 25 stocks ended in green territory and 5 in red. The market breadth remained in favor of advancers as 1241 stocks closed in green while 1162 stocks closed in red and 94 stocks remained unchanged in BSE.
The BSE Sensex closed higher by 276.85 points at 9,323.59 and NSE Nifty ended up by 91.75 points at 2,828.45. The BSE Mid Caps and Small Caps ended with gains of 16.02 points and 2.29 points at 3,026.83 and 3,412.77 respectively. The BSE Sensex touched intraday high of 9,342.47 and intraday low of 9,125.65.
Gainers from the BSE Sensex pack are NTPC Ltd (7.69%), Reliance Infra (7.34%), Reliance (6.56%), Tata Power (4.89%), Hindalco (4.64%), RCom (4.79%), Bharti Airtel (4.77%), ONGC Ltd (3.72%), ICICI Bank (3.69%) and BHEL (3.24%).
Losers from the BSE Sensex pack are DLF Ltd (3.51%), TCS Ltd (1.38%), Grasim Indus (1.11%), ACC Ltd (0.27%) and Maruti Suzuki (0.22%).
The BSE Oil & Gas index outperformed among all the sectoral indices to close higher by (5.09%) or 287.66 points at 5,933.69. Major gainers are Reliance (6.56%), Reliance Natural Resources (4.05%), Cairn India (3.94%), Gail India (3.75%), ONGC Ltd (3.72%) and HPCL (2.59%).
The BSE Power index inclined (4.29%) or 72.74 points at 1,767.43. Gainers are Neyveli LIG (10.76%), NTPC Ltd (7.69%), Reliance Infra (7.34%), Suzlon Energy (5.42%), Tata Power (4.89%) and BHEL (3.24%).
The BSE Metal also contributed to the rally and ended up by (3.45%) or 166.41 points at 4,995.43. Main gainers are Steel Authority (7.70%), Sesa Goa Ltd (5.13%), Jindal Steel (4.17%), NMDC Ltd (3.86%), Hindalco (3.63%) and Welspan Gujarat SR (2.87%).
The BSE PSU index witnessed northward journey today to close higher by (3.36%) or 165.09 points to at 5,085.20 as Neyveli LIG (10.76%), Steel Authority (7.70%), NTPC Ltd (7.69%), NMDC Ltd (3.86%), Gail India (3.75%) and NMDC Ltd (3.86%), ended in green.
The BSE Bank index gained on hopes lower interest rates may boost lending growth and on expectations of strong Q3 December 2008 results and advanced (2.42%) or 118.96 points to close at 5,037.84 as Federal Bank (9.41%), Yes Bank (4.21%), ICICI Bank (3.69%), Bank of India (3.28%), Kotak Bank (3.10%) and Union Bank (3.09%) ended in positive territory.
The BSE Reality index underperformed the benchmark indices to close with losses of (2.39%) or 42.26 points at 1,723.76. Scrips that lost are Unitech Ltd (5.49%), Mahindra Life (4.27%), DLF Ltd (3.51%), Indiabull Real (3.34%) and Orbit Co (0.75%).
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