Mumbai, May 22: Bouncing from its lows in early trade, the benchmark Sensex spurted by over 150 points to close the day on institutional buying in blue-chip stocks ahead of swearing-in of Prime Minister Manmohan Singh for a second innings.
On speculation that economic reforms will get a boost from the new UPA government led by Singh, the bellwether index gained 150.61 points at 13,887.15. During intra-day it just missed the key 14,000-level at 1,3,936.93.
The broader 50-share Nifty of the National Stock Exchange recovered by 27.60 points or 0.66 per cent to close at 4,238.50.
Marketmen said institutional investors found an opportunity to buy into fundamentally strong stocks after their losses in the past two days.
“The stocks moved up today were the ones which had seen a fall in the prices in the recent past. Reliance Industries, which had been falling since Tuesday, corrected today. ICICI and L&T also corrected the recent fall in prices,” said Bonanza Portfolio Assistant vice-president Avinash Gupta Buying picked up momentum after European bourses firmed up in early trade. Investors began to cover Nifty positions before expiry of derivatives series on May 28.
Today’s gains come after losing a hefty 565 points in the last two sessions after the historic jump by 17 per cent on Monday. RBI Governor D Subbarao’s remarks that Indian economy is likely to recover from the impact of the financial meltdown later this year also bolstered buying sentiment.
The small cap and the mid-cap remained in the forefront for a third straight day with their respective indices settling higher by 3.19 per cent and 1.75 per cent over last close.
The market breadth remained strongly bullish with 2,139 gainers against 595 losers on the BSE.
The business volume dropped sharply to Rs 7,130.73 crore from Rs 7,996.10 crore on Thursday. Reliance Capital today recorded the highest turnover of Rs 308.15 crore followed by Satyam Computer (Rs 292.01 crore).
Among the sectoral indices, capital goods firmed up by 2.90 per cent, BSE-Bankex shot up by 1.80 per cent, BSE-Healthcare 1.77 per cent and BSE-Oil&Gas 1.32 per cent.
Among the gainers among the blue-chip stocks, L&T shot up by 4.73 per cent followed by ICICI Bank 4.54 per cent and Reliance Ind 3.13 per cent, NTPC 1.93 per cent and Infosys Tech 1.11 per cent.
However, Sterlite Ind dipped by 4.32 per cent, Mah&Mah by 3.57 per cent, Tata Motors (3.29 per cent), ONGC (2.74 per cent and Hindalco (2.53 per cent). (PTI)
On speculation that economic reforms will get a boost from the new UPA government led by Singh, the bellwether index gained 150.61 points at 13,887.15. During intra-day it just missed the key 14,000-level at 1,3,936.93.
The broader 50-share Nifty of the National Stock Exchange recovered by 27.60 points or 0.66 per cent to close at 4,238.50.
Marketmen said institutional investors found an opportunity to buy into fundamentally strong stocks after their losses in the past two days.
“The stocks moved up today were the ones which had seen a fall in the prices in the recent past. Reliance Industries, which had been falling since Tuesday, corrected today. ICICI and L&T also corrected the recent fall in prices,” said Bonanza Portfolio Assistant vice-president Avinash Gupta Buying picked up momentum after European bourses firmed up in early trade. Investors began to cover Nifty positions before expiry of derivatives series on May 28.
Today’s gains come after losing a hefty 565 points in the last two sessions after the historic jump by 17 per cent on Monday. RBI Governor D Subbarao’s remarks that Indian economy is likely to recover from the impact of the financial meltdown later this year also bolstered buying sentiment.
The small cap and the mid-cap remained in the forefront for a third straight day with their respective indices settling higher by 3.19 per cent and 1.75 per cent over last close.
The market breadth remained strongly bullish with 2,139 gainers against 595 losers on the BSE.
The business volume dropped sharply to Rs 7,130.73 crore from Rs 7,996.10 crore on Thursday. Reliance Capital today recorded the highest turnover of Rs 308.15 crore followed by Satyam Computer (Rs 292.01 crore).
Among the sectoral indices, capital goods firmed up by 2.90 per cent, BSE-Bankex shot up by 1.80 per cent, BSE-Healthcare 1.77 per cent and BSE-Oil&Gas 1.32 per cent.
Among the gainers among the blue-chip stocks, L&T shot up by 4.73 per cent followed by ICICI Bank 4.54 per cent and Reliance Ind 3.13 per cent, NTPC 1.93 per cent and Infosys Tech 1.11 per cent.
However, Sterlite Ind dipped by 4.32 per cent, Mah&Mah by 3.57 per cent, Tata Motors (3.29 per cent), ONGC (2.74 per cent and Hindalco (2.53 per cent). (PTI)
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