Mumbai: The BSE Sensex surged as much as 303 points intraday on Wednesday, seeing best session since March 9, 2012. Short covering and somewhat value based buying helped the market rally. Every sector participated in Wednesday's rally - capital goods, banks & financials, technology and telecom stocks, and Reliance Industries were leading gainers.
The BSE benchmark rose 285.53 points or 1.65 per cent, to close at 17,601.71 supported by 27 stocks. Meanwhile, the NSE benchmark was up 90.10 points or 1.71 per cent to 5,364.95, even after mixed global markets.
The broader markets too followed the same trend - the BSE Midcap and Smallcap indices gained 1-2 per cent led by rally in infrastructure, realty and sugar stocks.
Sudip Bandyopadhyay, MD & CEO at Destimoney Securities Pvt Ltd said the liquidity, which is in the global markets, have been driving Indian markets. According to him, it will keep driving the market till the time there is some major policy decisions on any of the issues which have been pending for a long time either petroleum price hike, fertiliser or the coal and gas linkages.
At 15:01 hours IST: Cap goods, banks, IT, telecom drive Nifty to 5350
The BSE Sensex rallied quite sharply led by broadbased buying. Capital goods, banks, technology, telecom and oil & gas helped the Nifty to hit 5350.
The BSE benchmark gained 274 points at 17,590.17 and the NSE benchmark advanced 83 points to 5,357.95 helped by 42 stocks.
State Bank of India, country's largest lender jumped 2 per cent while rival ICICI Bank and HDFC Bank were up 2.5 per cent and 1.5 per cent, respectively.
Oil & gas producer and India's most valued stock Reliance Industries climbed 1.5 per cent and telecom player Bharti Airtel shot up 3 per cent.
Software services exporters Tata Consultancy Services and Infosys were up 3.5 per cent and 1.5 per cent, respectively.
Infrastructure major Larsen & Toubro rallied 5 per cent and state-owned BHEL was up 2.5 per cent.
TTK Prestige shot up 15.5 per cent and its traded volume increased by 809 per cent to 172,703 shares as compared to its 5-day average of 18,987 shares.
Greaves Cotton gained 4 per cent after the news that board members will meet on March 30 to consider special interim dividend.
Among midcaps, Century Textile, MRF, HDIL and Godrej Industries gained 7-11 per cent.
In the smallcap space, Seshasayee Paper, Sarda Energy, Prakash Constrowell, Triveni Turbine and Mount Everest rallied 9-11 per cent.
At 14:27 hours IST: Sensex gains over 250 pts; L&T, JP Associates spike 4.7 per cent
The BSE Sensex gained more than 250 points due to further buying in capital goods, banks & financials, technology and oil & gas stocks. Index heavyweight Reliance Industries rose over 1 per cent. The BSE Midcap and Smallcap indices too gained 1-1.4 per cent.
The BSE benchmark added 257 points to trade at 17,573.41 led by 28 components. Meanwhile, the NSE benchmark was up 76.65 points at 5,351.50.
Engineering and construction major Larsen & Toubro climbed 4.7 per cent and high beta stock Jaiprakash Associates too shot up 4.7 per cent.
Tata Consultancy Services, country's largest software services provider advanced 3.6 per cent to Rs 1,176.30 and major realty firm DLF was up 3.37 per cent to Rs 202.20.
Tata Steel, one of the top 10 steel manufacturers rose 2.8 per cent and state-owned Bharat Heavy Electricals gained 2.7 per cent.
Anil Dhirubhai Ambani Group's Reliance Infrastructure was up 4.33 per cent to Rs 619.35 and state-run steel producer SAIL went up 4 per cent to Rs 98.30.
However, Hindalco, Cairn India and Jindal Steel were only losers among largecaps, falling 0.75-1.5 per cent.
Tech Mahindra surged 5 per cent and Mahindra Satyam rose 7 per cent post merger of both companies. Traded volume of Tech Mahindra spiked 2000 per cent to 565,187 shares as compared to its 5-day average of 26,566 shares and Mahindra Satyam's volume moved up by 225 per cent to 90,84,553 shares.
Essar Oil commissioned vacuum gas oil hydrotreating unit at Vadinar. The company says that phase I expansion project is on track and will be completed by March end. The stock shot up 5 per cent to Rs Rs 57.40 and its traded volumes increased 40 per cent to 8,02,941 shares as compared to its 5-day average of 5,75,571 shares.
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