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Monday, July 21, 2008

Sensex gains on positive global cues


The market attracted considerable buying interest for the third session in a row on firm global cues and gained nearly 200 points in early trades. Sensex resumed with a huge positive gap of 147 points at 13,782 and the market was range-bound with a positive bias, but the index lost some ground in the mid-noon trades to touch the day's low of 13,581, down 54 points from yesterday's close. The market however regained its lost momentum towards the final hour of the session on hectic upsurge in banking, heavyweight and HC stocks, but profit booking at close led Sensex shed its gains and end the session at 13,850, up 215 points. The Nifty gained 67 points to close at 4,160.

The breadth of the market was negative. Of the 2,615 stocks traded on the BSE 1,368 stocks declined, 1,163 stocks advanced and 84 stocks ended unchanged. Among sectoral indices, the BSE Bankex notched up 3.88% at 6,428.71 followed by the BSE HC index (up 3.03% at 4,111.73), while the BSE Realty index and the BSE Auto index were up 1-2%.

Most of the index heavyweights received considerable buying interest. Cipla soared 5.20% at Rs226.45, HDFC Bank rose 4.78% at Rs1,082.95, Ranbaxy Laboratories was up 4.74% at Rs458.20, National Thermal Power Corporation gained 4.70% at Rs181.45 and ICICI Bank moved up 4.29% at Rs644.10. Among the other major gainers Maruti Suzuki India shot up by 3.92% at Rs648.20, Hindustan Unilever jumped 3.76% at Rs227.95, Jaiprakash Associates added 3.74% at Rs166.55, State Bank of India gained 3.67% at Rs1,347.45, Reliance Communications moved up by 2.62% at Rs446.60 and Tata Consultancy Services was up 2.33% at Rs813.45. However, Satyam Computer Services slipped 4.14% at Rs367.10 and Ambuja Cement fell 2.17% at Rs81 while Bharat Heavy Electrical Ltd, Larsen & Toubro, Bharti Airtel and Tata Motors inched marginally lower.

Banking stocks notched up significant gains during the day. Bank of Baroda surged 6.95% at Rs230.95, UBI scaled up 6.16% at Rs122.30, Bank of India rose 6.11% at Rs272.45, Indian Overseas Bank jumped 5.95% at Rs83.75, HDFC Bank added 4.78% at Rs1,082.95, Punjab National Bank gained 4.57% at Rs460.60 and Oriental Bank was up 3.06% at Rs139.65.

Over 1.33 crore IDFC shares changed hands on the BSE followed by Reliance Natural Resources (0.88 crore shares), Reliance Petroleum (0.64 crore shares), IFCI (0.61 crore shares) and First Winner Industries (0.59 crore shares).

Value wise, Reliance Capital registered a turnover of Rs245 crore on the BSE followed by Reliance Industries (Rs204 crore), Larsen & Toubro (Rs196 crore), Reliance Communications (Rs139 crore) and IDFC (Rs128 crore).