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Sensex adds 170 points
Monday, May 14, 2007
The markets ended firm after a range bound session on Monday with the benchmark index surging 1.2 per cent or 170 points to close at 13,965 levels.
The Sensex touched a high of 14,026 levels in intra day deals. In the broader markets, the Nifty gained 1.4 per cent or 58 points to end the day at 4,134 levels.
The domestic bourses gained good support from domestic as well as positive global cues.
"I don't expect the Sensex to cross the earlier high. It may move to 13,000-12,500 levels before making new highs. Though there may be some sectoral movements," said Ambareesh Baliga, VP, Karvy Stock Broking.
"The Sensex faces resistance at 14,200-14400 levels. If it doesn't crack 13,700 levels, it may head towards new all-time highs," said Hemen Kapadia, CEO, chartpundit.com.
SBI at Rs 1,205 levels surged 4.9 per cent or Rs 56. It was the biggest mover among BSE 30 scrips. Tata Steel, Ambuja Cements, HLL, Cipla Ltd, ICICI Bank, ONGC, ACC, Reliance Industries, Satyam Computer and Hindalco also gained ground.
However, Dr Reddy's, Hero Honda, Bajaj Auto, Wipro Ltd, TCS, Tata Motors, HDFC Bank, Larsen & Toubro and ITC Ltd were the key losers.
Banking scrips surge
The banking index, BANKEX was the biggest gainer among sectoral indices. It surged 2.4 per cent or 164 points by close of trading session.
Union Bank, Canara Bank, Oriental Bank of Commerce, Punjab National Bank, Indian Oversea Bank, Bank of Baroda, ICICI Bank, Bank of India, Allahabad Bank, Andhra Bank, Vijaya Bank and UTI Bank logged smart gains besides SBI.
Chennai Petroleum at Rs 230 levels was the front-runner among oil and gas stocks. The stock surged 6.9 per cent or Rs 14.
MRPL (up 6.6 per cent), GAIL India (up 3.3 per cent), Petronet LNG (up 3.1 per cent), IOC (up 2.6 per cent), BPCL (up 2.5 per cent), ONGC (up 2.3 per cent), Reliance Industries (up 1.9 per cent) and HPCL (up 0.6 per cent) closed in the green.
In the metals pack, Tata Steel, Jindal Stainless, Sterlite Industries, Ispat Industries, SAIL, Hindalco, JSW Steel, Sesa Goa, Jindal Saw and Jindal Steel & Power firmed up.
Capital gains
Sugar stocks continued to march northward for the second consecutive day. Balrampur Chini at Rs 74 levels surged 8.1 per cent by the close of trade.
Shree Renuka Sugars, Sakhthi Sugars, Bajaj Hindusthan, Ponni Sugars, Oudh Sugar Mills, Dhampur Sugar Mills, KM Sugar Mills and Bannari Aman Sugars closed in positive territory.
Capital goods stocks also witnessed some buying interest by the close of trade on Monday. Crompton Greaves at Rs 225 levels was the top gainer. It surged 7.1 per cent or Rs 14.
HEG Ltd, Praj Industries, Gammon India, Greaves Cotton, Lakshmi Machine Works, ABB, KEC Infrastructure, BHEL, Alstom Projects, BEML, Ingersoll Rand and Thermax Ltd also gained ground.
The Sensex touched a high of 14,026 levels in intra day deals. In the broader markets, the Nifty gained 1.4 per cent or 58 points to end the day at 4,134 levels.
The domestic bourses gained good support from domestic as well as positive global cues.
"I don't expect the Sensex to cross the earlier high. It may move to 13,000-12,500 levels before making new highs. Though there may be some sectoral movements," said Ambareesh Baliga, VP, Karvy Stock Broking.
"The Sensex faces resistance at 14,200-14400 levels. If it doesn't crack 13,700 levels, it may head towards new all-time highs," said Hemen Kapadia, CEO, chartpundit.com.
SBI at Rs 1,205 levels surged 4.9 per cent or Rs 56. It was the biggest mover among BSE 30 scrips. Tata Steel, Ambuja Cements, HLL, Cipla Ltd, ICICI Bank, ONGC, ACC, Reliance Industries, Satyam Computer and Hindalco also gained ground.
However, Dr Reddy's, Hero Honda, Bajaj Auto, Wipro Ltd, TCS, Tata Motors, HDFC Bank, Larsen & Toubro and ITC Ltd were the key losers.
Banking scrips surge
The banking index, BANKEX was the biggest gainer among sectoral indices. It surged 2.4 per cent or 164 points by close of trading session.
Union Bank, Canara Bank, Oriental Bank of Commerce, Punjab National Bank, Indian Oversea Bank, Bank of Baroda, ICICI Bank, Bank of India, Allahabad Bank, Andhra Bank, Vijaya Bank and UTI Bank logged smart gains besides SBI.
Chennai Petroleum at Rs 230 levels was the front-runner among oil and gas stocks. The stock surged 6.9 per cent or Rs 14.
MRPL (up 6.6 per cent), GAIL India (up 3.3 per cent), Petronet LNG (up 3.1 per cent), IOC (up 2.6 per cent), BPCL (up 2.5 per cent), ONGC (up 2.3 per cent), Reliance Industries (up 1.9 per cent) and HPCL (up 0.6 per cent) closed in the green.
In the metals pack, Tata Steel, Jindal Stainless, Sterlite Industries, Ispat Industries, SAIL, Hindalco, JSW Steel, Sesa Goa, Jindal Saw and Jindal Steel & Power firmed up.
Capital gains
Sugar stocks continued to march northward for the second consecutive day. Balrampur Chini at Rs 74 levels surged 8.1 per cent by the close of trade.
Shree Renuka Sugars, Sakhthi Sugars, Bajaj Hindusthan, Ponni Sugars, Oudh Sugar Mills, Dhampur Sugar Mills, KM Sugar Mills and Bannari Aman Sugars closed in positive territory.
Capital goods stocks also witnessed some buying interest by the close of trade on Monday. Crompton Greaves at Rs 225 levels was the top gainer. It surged 7.1 per cent or Rs 14.
HEG Ltd, Praj Industries, Gammon India, Greaves Cotton, Lakshmi Machine Works, ABB, KEC Infrastructure, BHEL, Alstom Projects, BEML, Ingersoll Rand and Thermax Ltd also gained ground.
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
