Wednesday, May 15, 2013

Sensex surges over 400 points; banking, realty, auto stocks up

May 15, 2013,Mumbai:--

Key equity benchmarks rallied more than 1 per cent in the morning trade tracking positive regional shares. Japan\'s Nikkei hits fresh five-and-a-half year highs on Wednesday on further weakness in yen. US stocks also ended at record highs on hopes of steady US growth will extend the bull run in equity markets.

The Sensex was up 310 points or 1.57 per cent at 20032 and the Nifty was up 91 points or 1.53 per cent at 6087. About 1263 shares advanced, 467 shares declined, and 118 shares were unchanged. Key gainers in the Nifty were Reliance Infra, HDFC, Lupin, Punjab National Bank and IndusInd Bank, up over 2 per cent each.

Laggards included Sun Pharma, Power Grid, Ambuja Cements and Ranbaxy Labs. Only four stocks in the Nifty 50 were trading in red. The most active shares on NSE were SBI, HDFC, TCS, United Spirits and Reliance Communications.

Heavyweights like Bajaj Finance, Kotak Mahindra Bank, Lupin, MRF, Glaxosmithkline Consumer, Eicher Motors, Zee Entertainment, Apollo Hospitals, Glenmark Pharma and Reliance Communications touched fresh year highs on Wednesday. DLF gained 2 per cent after a strong response to its IPP on Tuesday. The company received bids for 1.8 times its total size and raised Rs 3500 crore.

Hindalco was up 1.5 per cent after its subsidiary company Novelis reported strong numbers with an adjusted EBITDA of 240 million compared to analyst estimates of around 220 million dollars. VIP was up 3.5 per cent ahead of its results on Wednesday. Analysts will watch it closely to see if the business has bottomed out in Q2 and Q-o-Q recovery seen in Q3 results can be called a recovery and will sustain going forward.

SPARC was up 4 per cent adding to the 20 per cent upmove on Tuesday after the company reported strong results. Sales jumped up to Rs 71.8 crore from Rs 4.2 crore a year ago and reported a profit of Rs 44 crore versus loss of Rs 21.5 crore.

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