Is the worst over?
Markets witnessed sharp recovery in the later half of the trading session as bulls made a solid comeback managing to recover early losses. Both the key indices closed with healthy gains with benchmark index accumulating over 200 points and NSE Nifty gaining over 60 points. Technology stocks led the rally with Bank and Capital Good stocks contributing to the rally. All the key indices closed in green except for Auto index which closed 0.77% lower. Finally, the 30-share benchmark Sensex surged 221 points to close at 13159. NSE Nifty spurred 65 points to close at 3811.
Maruti pared its intra-day gains on back of selling pressure towards the end. The scrip was marginally down 0.2% to Rs840. The Company registered its February sales at 62999 units (up 53%). An also announced that it would raise Car prices from 15th March. The scrip touched an intra-day high of Rs870 and a low of Rs825 and recorded volumes of over 12,00,000 shares on NSE.
M&M slipped 0.8% to Rs805. The company’s February Vehicle sales was up 19% at 13746 units and tractor sales at 7003 units (up 5.2%). The scrip touched an intra-day high of Rs817 and a low of Rs790 and recorded volumes of over 10,00,000 shares on NSE.
JSW Steel advanced by over 2.5% to Rs480 after the company raised Hot-rolled Coil prices by Rs1200 per ton. The scrip touched an intra-day high of Rs495 and a low of Rs466 and recorded volumes of over 10,00,000 shares on NSE.
IFCI spurred by over 10% to Rs30 after Government announced that it would provide Rs13bn restructuring package to IFCI. The scrip touched an intra-day high of Rs30 and a low of Rs25 and recorded volumes of over 16,00,00,000 shares on NSE.
Technology stocks were in the limelight. Frontline stocks Satyam Computer surged over 4% to Rs432, Wipro spurred over 4% to Rs585 and Infosys advanced 3% to Rs2140. Mphasis BFL, NIIT Ltd and Rolta were the major gainers among the Mid-Cap stocks.
Metal stocks also recovered towards the end on back of value buying. National Aluminum surged by over 3% to Rs21, JSW Steel rose over 2.5% to Rs480, Tata Stel was up by 2% to Rs451and Sterlite Industries added 1.5% to Rs477.
Pharma stocks also were back in good health on back of fresh buying. Wockhardt Pharma surged by over 9% to Rs385, Sun Pharma advanced 2.8% to Rs955, Ranbaxy gained 1.5% to Rs342 and Lupin has added 1.5% to Rs608.
Sugar stocks also ended with smart gains. Renuka Sugar surged by over 5% to Rs317, Balrampur Chini advanced 2.1% to Rs60 and Sakhti Sugar was flat at Rs66.
Select Real Estate stocks pared their early gains on back of selling pressure. Century Textile slipped 0.7% to Rs537 and Parsvnath was down by 1.3% to Rs276. However, Bombay Dyeing gained 1% to Rs555.