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Sensex soars above 8600
CONTENT COURTESY SHAREKHAN
 The
Sensex and the Nifty surged to new closing highs amid strong
buying support towards the close. The Sensex crossed another
milestone as it surpassed 8600 on widespread buying in key
heavyweights towards the close that lifted the market
sentiment.Earlier the mood was range-bound with an upward
bias, which changed in late afternoon trades.
The market was extremely volatile in the first half of the
trading session. The Sensex opened higher at 8536 and advanced
further clocking decent gains before profit taking dragged it
to a low of 8476. Though a recovery saw a 20-25-point movement
in afternoon trades, frenzied buying thereafter lifted the
index above the 8600 mark to a new intra-day high of 8614, up
138 points from the day's low. The Sensex finally closed above
the 8600 level at 8606, up 80 points while the Nifty advanced
23 points to close at a new closing high at 2598.
However, the market breadth was negative. Of the 2,601 stocks
traded on the BSE, 1,641 stocks declined, 912 stocks advanced
and 48 stocks ended unchanged.
Among the sectoral indices The BSE CG index scaled up by 2%,
the BSE Oil & Gas index advanced 1.89% and the BSE PSU index
added 1.86%. The BSE Teck index, the BSE CD index and the BSE
IT index, however, ended at lower levels.
HDFC surged by 3.72% at Rs1,038 and HDFC Bank jumped 2.26% at
Rs696. Among other blue chips Reliance Industries at Rs800 (up
Rs13 or 1.59%), ONGC at Rs1,070 (up Rs29 or 2.80%), NTPC at
Rs109 (up Rs3 or 2.83%), BHEL at Rs1,164 (up Rs30 or 2.64%),
ICICI Bank at Rs599 (up Rs11 or 1.90%), HLL at Rs184 (up Rs4
or 2%), L&T at Rs1,473 (up Rs33 or 2.28%) and Tata Power at
Rs464 (up Rs12 or 2,74%) boosted the index. Bajaj Auto, Bharti
Tele, Infosys, Tata Motors and Wipro, however, eased on profit
taking.
Capital goods stocks hogged the limelight. BEML, Crompton
Greaves, Sulzer India, Honeywell Automation, HMT and KEC
International advanced 3-9% each.
BEML at Rs957, Bank of Punjab at Rs46, Crompton Greaves at
Rs682, Dalmia Cement at Rs810, SBI at Rs938, HMT at Rs98, ONGC
at Rs1,080, Reliance Industries at Rs803 and Varun Shipping at
Rs65 touched new highs.
Over 1.76 crore Ferro Alloys Corporation shares changed hands
on the BSE followed by Himachal Futuristics Communication
(1.48 crore shares), FCS Software (98.53 lakh shares) and Tata
Tele (76.16 lakh shares).
Value-wise FCS Software registered a turnover of Rs277 crore
on the BSE followed by Reliance Industries (Rs254 crore),
Satyam (Rs139 crore) and McDowell (Rs124 crore).
Movers & Shakers
* A large order from the Algerian government lifted KEC
International.
* Gogia International Securities surged on reports that the
company will be setting up two subsidiary companies in Dubai.
* Dr Reddy's, which floated its integrated drug development
company, ended marginally higher.
* Eveready Industries lost ground despite announcing the sale
of its Chennai land for Rs72 crore.
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