Tuesday, March 8, 2011

Sensex gains over 200 points; IT, banks lead


The benchmark Sensex gained more than 200 points on the back of further buying in financial, oil & gas, telecom, technology and metal companies\' shares. The Nifty was also trading above the 5500 level at 14:51 hours.

The market may be trading in a range around 5200 to 5600-5650, says Devang Mehta, vice president and head - equity sales, at Anand Rathi Financial Services. \"There are lot of factors, which are worrying currently like the crude situation and the tension that is mounting in the Libyan region. Adding to this, there was a political uncertainty which had creped in but more or less it seems that there are lots of parties that are willing to support ruling UPA government.\"

European markets too were quite supportive with moderate gains. Even Asian markets ended higher today, reacting to stable crude oil prices on easing Libya tension.

The 30-share BSE Sensex was trading at 18,463, up 240 points and the 50-share NSE Nifty went up 65 points to 5,528.

Among largecaps, ONGC, Infosys, Bharti Airtel and Tata Motors rallied 3%. Reliance Industries, TCS, SBI, HDFC Bank, ICICI Bank, HDFC, Tata Steel, Wipro, Sterlite, DLF, PNB and Kotak Mahindra Bank gained 1-2%.

However, Hero Honda slipped over 2% to below Rs 1500 a share as Hero Investment has proposed to buy Honda\'s stake in the company at Rs 739.97/share on March 22.

Cairn India, ITC, L&T, Maruti, Dr Reddy\'s Labs, HUL, Reliance Power and Tata Power were other losers in trade.

About 905 shares advanced as against 372 shares declined on the National Stock Exchange.

Airline stocks like Jet Airways and Kingfisher Airliners gained 4-5%. In education space, Educomp and Everonn Systems went up 3-5%.

In midcap space, SpiceJet, Gujarat Flourochem, Jindal PolyFilm, Parsvnath and Tata Global rallied 6-9% while Ramky Infra, Anant Raj Inds, Atlas Copco, Infotech Enterprises and ILandFS Transport fell 3%.

In smallcap space, Tata Coffee shot up 19% and Jindal Worldwide jumped 18%. Jindal Drilling, Reliance Broadcast and Arshiya Intl went up 10-14% whereas Urja Global, Insecticides India, Kirloskar Inds, Accentia Techno and Atco Corp slipped 5-8%.

News From: http://www.7StarNews.com

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