RTTNews - A rebound in Asia led by a pullback in China and positive cues from Europe and the U.S. helped the Indian market witness a broad-based rally on Thursday. Short covering after recent losses also helped stocks hold on to gains all through the day.
Strong buying was seen in auto, banking, power, consumer durable and IT stocks. Auto stocks outperformed the broader market on reports about some improvement in the monsoon situation across the country.
Meanwhile, India's annual inflation rate for the week ended August 8 rose marginally to minus 1.53 percent from minus 1.74 percent in the previous week, government data showed on Thursday. Inflation in the year-ago period was 12.82 per cent.
The BSE Sensex moved in a range of 15,145-14,928 before finishing at 15,012, up 203 points or 1.37% and the S&P CNX Nifty rose 59 points or 1.35% to 4,453. On the BSE, the small-cap and the mid-cap indexes ended up around 0.8% each and the market breadth was fairly positive, with 1521 gainers versus 1146 decliners.
Maruti Suzuki(up 4.88%), Mahindra & Mahindra(up 4.48%), Hero Honda Motors(up 3.90%), SBI(up 3.70%), Grasim Industries(up 3.01%), Tata Power(up 2.52%), HDFC Bank(up 2.31%), Wipro(up 2.24%), Infosys(up 2.16%) and Reliance Communication(up 2.08%) were some of the prominent gainers.
Bharti Airtel bucked the rising trend and ended down 1.15% after it extended the exclusivity period for a potential transaction with South Africa's MTN by a month till September 30.
Adani Power received lukewarm response on listing. Compared to the IPO price of Rs.100, the stock opened at Rs.105 and rose to a high of Rs.107.90 before paring all its gains to finish flat at Rs.100.05. More than 96 million shares changed hands.
Sterlite Industries fell 1.44% after it raised its offer price for acquiring the assets of U.S. copper miner Asarco LLC by about $500 million.
Glenmark Pharmaceuticals extended its retreat and ended down nearly 4% after its experimental drug 'Oglemilast' failed to meet desired targets during mid-stage trials in patients with a breathing ailment. The stock nosedived 15% on Wednesday.
Mphasis tumbled 3.89% despite reporting robust growth in consolidated net profit for the third quarter ended July. IVRCL Infrastructure & Projects rose 1.48% on reports its joint venture has emerged as the lower bidder for the 25- kilometer Sion-Panvel expressway build-operate-transfer project.
Omaxe rose 2.05% after it received approval from the Mathura Vrindavan Development Authority, Uttar Pradesh, for the construction of an integrated township, Omaxe Eternity, at Vrindavan. SBI advanced 3.70% on reports that it will report 40% growth in net profit in FY10..
Maharashtra Seamless gained 1.40% after the state government conferred the status of Mega Project to its new project at Vile Bhagad. Allied Digital Services edged up 0.52% after the company proposed to raise funds by way of issue of equity shares/warrants/ GDRs/ADRs.
Elsewhere, the markets across Asia rebounded following the strength in Chinese equities on optimism about recovery prospects. European markets were also trading higher led by the rebound in Shanghai and commodity stocks. U.S stock futures point to a higher opening Thursday morning ahead of the release of customary weekly jobless claims and other economic reports.
Light sweet crude oil price for September delivery largely remained unchanged in Asian trading compared to its previous close of $72.42 a barrel in New York on Wednesday.
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