The Hindu Business Line : Market sustains momentum as Sensex, Nifty sizzle

THE S&P CNX Nifty closed above 2,000 for the first time in its history during the day's trading as the overall market sentiment remained positive. The Nifty closed the day at 2,006.80, up 21.5 points (or 1.08 per cent).

The BSE Sensex also marched up by 56.81 points (or 0.91 per cent) to close for the day at 6,325.53 points. Fuelled by the FII rally and strong prospects for economic growth in the current fiscal helped sustained the broad-based rally in the markets.

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The sustained interest in large-cap stocks was evident from the Sensex, in which 28 stocks advanced and 2 lost value during the day. Index heavyweights such as ONGC, Reliance, ITC, HLL and Infosys pulled the Sensex up in the course of the day.

Even the mid-cap story remained intact, as the S&P CNX Midcap 200 flared to a high of 2,408.90 points, 1.20 per cent higher at close.

The market breadth was also positive, with 1,675 stocks advancing in value, while 704 stocks declined, out of 2,433 shares traded.

The advances, both index-wise and group-wise, were ahead of declines by a long chalk.

Among the BSE Sectoral Indices, the indices which outperformed the Sensex were BSE - PSU, BSE - Auto, BSE - Metals and BSE - Capital Goods.

The ones which lagged were the BSE-IT and the BSE-FMCG.

In the Nifty, which hit a new high, the prominent gainers were Steel Authority of India, Bharti Tele-Ventures, Indian Hotels, Hero Honda, BHEL and Grasim.

The losers were Sun Pharma, Zee Telefilms, VSNL, IPCL and Shipping Corporation of India.

In Nifty Junior, which also gained by 1.15 per cent during the day, the significant gainers were Ingersoll-Rand, Canara Bank, Wockhardt, Lupin and Bongaigaon Refinery.

The losers were TVS Motors, Indian Overseas Bank, IFCI, Kochi Refineries and Moser Baer.

Outside the prominent index stocks, the significant gainers were Saregama India, Ion Exchange, Kale Consultants, Flat Products, Dredging Corporation, Sesa Goa, Alfa Laval and Indusind Bank.

The Saregama India stock appreciated by Rs 17.80 to close for the day at Rs 106.85, accompanied by robust trading volumes. The trading volumes soared from 97,967 shares on Monday's trading to 4.26 lakh shares during the day.

The Ion Exchange stock was the other major gainer, with the stock appreciating by Rs. 9.40 (or 19.97 per cent) to close at Rs. 56.45. Compared to 36,665 shares traded on Monday, the trading volumes rose 10-fold to 3.56 lakh shares during the day.

A couple of small-cap software stocks, which gained during the day, were Kale Consultants and KLG Systel. The Kale Consultants stock soared by Rs 12.65 to close for the day at Rs 76.05, with heightened trading activity.

The Dredging Corporation stock gained by Rs 30.5 to close for the day at Rs. 457.45. The volumes shot up to 4.15 lakh shares during the day from 13,304 shares on Monday's trading.

On a day in which market breadth was positive across all indices, the significant losers were Teledata Informatics, Sambandam Spinning, India Bulls, Rayban Sun Optics and Esab India.

The Teledata Informatics stock was the prominent loser, with the stock losing Rs. 7.55 (or 12.06 per cent) to close for the day at Rs. 55.05. The trading volumes also moved up from 44.37 lakh shares on Monday's trading to 46.52 lakh shares during the day.

The India Bulls stock, after running up sharply, shed value during the day, with the stock declining by Rs. 4.65 (or 4.94 per cent) to close at Rs. 89.30. Compared to 19.93 lakh shares traded on Monday, the trading volumes shot up to 20.66 lakh during the day.