FMCG and HousingFinance firms spurt
Awaits cluefrom Fed meet
Advance-declineratio was pegged at 1.05:1
In what appears to be a relentless rally, markets continued to march upwards and closed at a four-month high. Firm Asian markets and easing concerns over any further hike in the Federal Reserve rates kept the momentum on. However, the crucial US Fed meet, scheduled for Wednesday, would bring more clarity on market trend.
Though the BSE Sensex remained choppy throughout the day, buying was witnessed in select blue chips. Buying in pharma and FMCG helped sustain the market above the 12k level. Market breadth remained neutral; the advance-decline ratio was pegged at 1.05:1.
The FIIs were net buyers to the tune of Rs 373.88 crore, according to NSE provisional data.
Finolex Industriessurged eight per cent on high volumes, thus extending its recent surge.
Larsen & Toubrocontinued to gain on account of the 1:1 bonus that has been announced; 28th September being the ex-day.
Among the other counters,
Reliance Communicationsgained 2.88 per cent;
Torrent Pharmagained 20 per cent;
Rico Autoclosed at a gain of 9.79 per cent.
Escortssurged 12.64 per cent for the day. Its volume was almost seven times its two-week average.
Rain Commodities, Uniply Industriesand
Everest Kanto Cylinderswere some stocks that touched their all-time highs on Monday.
FMCG led the gainers pack.
Hindustan Leverwas the top gainer in the space and recorded an intra-day gain of 2.87 per cent.
ITCgained 2.6 per cent;
Colgate-Palmolive2.54 per cent;
Nestlegained 1.95 per cent and 2.75 per cent respectively.
The housing finance firms gained on expectations of a robust growth in the home loans segment.
GIC Housing Financegained 9.86 per cent,
HDFCgained 3.29 per cent and
Dewan Housingsurged 20 per cent.
LIC Housing Financeclosed with minimal gains.
Metals scrips slithered on expectations of price cuts, after metal prices declined in the LME.
Hindustan Zinclost two per cent;
Nalcolost 1.45 per cent;
Sterlite Industrieslost 1.18 per cent.
Tata Steel, Sesa Goaand
Ispat Industrieswere among the other losers.
Cements continued their winning streak. However, gains were dominant among the small caps and mid caps space.
Chettinad Cementgained 4.58 per cent and
JK cementsgained 1.41 per cent. The other counters to close with marginal gains were
Birla Crop, ACC, Grasim, Gujarat Ambujaand
India Cements. Expectations on a price hike have kept the sentiment buoyant in the sector.
Pharmaceuticals were a mixed bag.
Biocon, Cipla, Dr Reddy's, Divis Laband
Dishman Pharmaposted gains for the day.
IPCAlaboratory were among the losers.
The tyre scrips skidded.
Apollo Tyreslost 3.45 per cent;
Goodyearlost 2.74 per cent and Ceat shed 2.06 per cent.
MRFclosed with a trivial loss of 0.17 per cent.
LG Balakrishnanspurted 5 per cent after the company announced its decision to offload its entire stake in LGB Textiles for Rs 19.45 crore.
Financial Technologiessurged 4.62 per cent after Multi Commodity Exchange of India, its subsidiary signed a memorandum of understanding with Zhengzhou Commodity Exchange.
Shringar Cinemas Ltdjumped 3.45 per cent after it reported that the company would add seven to nine multiplexes each year, taking screens to 227 across 50 sites by March 2011.
Biocongained 3.27 per cent on introducing an innovative anti-cancer drug. It has launched 'Biomab-Egfr', a therapeutic monoclonal antibody-based drug for treating solid tumours of epithelial origin, such as head and neck cancers.