RTTNews - The Indian market snapped a 2-day losing streak to finish sharply higher on Friday amid strong global cues and incipient signs of an economic revival. While intra-day profit taking led to some volatility, strong buying across the sectors in late trading helped the market end near the day's high.
A firm opening by the European markets and the higher U.S. index futures, which pointed towards a positive opening on Wall Street on Friday, also boosted sentiment. Analysts see less chances of the Left coming to power, but differ on how the markets will trade next week, post the declaration of election results on Saturday.
The BSE Sensex opened higher at 11,949 and rose to a high of 12,220 before finishing at 12,173, up 301 points or 2.53% over the previous close. Likewise, the S&P CNX Nifty rose 78 points or 2.18% to 3,672, the small-cap index on the BSE gained 0.84% and the mid-cap index moved up 1.33%. On the BSE, the market breadth was fairly positive, with advancers outnumbering decliners by 1472 to 1068. Banking, capital goods and consumer durable stocks led the gainers.
Among the major gainers, Ranbaxy Laboratories surged up 8.59%, ICICI Bank soared 7.03%, Grasim Industries jumped 4.96%, Bharti Airtel rallied 4.68% and Larsen & Toubro advanced 4.32%. TCS, HDFC, Wipro, DLF, State Bank of India, ACC, Reliance Communication, Jaiprakash Associates, and Tata Steel were the other prominent gainers.
Only 5 out of 30 Sensex stocks ended in the red. Oil-explorer ONGC fell 2.27%, state-run power producer NTPC shed 0.56%, diversified cigarette maker ITC lost 0.51%, metal stock Hindalco Industries declined 0.49% and FMCG player Hindustan Unilever slipped 0.09%.
Network services company GTL rose 0.53% on bagging multiple contacts worth Rs.324 crore from Maharashtra State Electricity Distribution Company. Hospital operator and life insurer Max India slipped 0.46% after the company decided to raise 1.5 billion rupees via issue of 10.33 million shares to US-based International Finance Corp.
Tea manufacturers ended higher across the board on reports that basic selling prices of tea are likely to raise by Rs.20-40 per kg across all varieties with immediate effect.
Harrisons Malayalam rallied 4.90%, Jayshree Tea soared 6.11% and Tata Tea moved up 1.34%.
Banking stocks closed mostly higher across the board, with the exception of Indus Ind Bank and Union Bank of India. Among top banks, ICICI Bank surged up 7.03%, State Bank of India rallied 3.50%, Axis Bank advanced 3.45% and HDFC Bank rose 1.71%.
Deepak Parek, the chairman of HDFC Bank, said on Thursday that other banks would follow SBI's moves after it slashed deposit rates recently. Both deposit rates and lending rates will come down further, but it will not happen overnight, he observed.
Shipping stocks such as Essar Shipping and Mercator Lines continued their upward trend after the Baltic Dry Index, a measure of raw-material maritime shipping rates, jumped by 100 points to a new calendar- year high in London overnight.
Maruti Suzuki rose 1.63% after unveiling its latest hatchback offering Ritz in both petrol and diesel variants. Ashok Leyland gained 2.81%, Tata Motors added 1.90%, Hero Honda Motors moved up 1.02%, Mahindra & Mahindra rose 0.91% and Bajaj Auto edged up 0.01%
Strides Arcolab advanced 3.67% after the company received approval from the US Food and Drug Administration for launch of two drugs - adenosine injection and meloxicam tablets. Fertilizer maker Zuari Industries jumped 6.18% after its net profit for the 12 months to March rose 27% year-over-year.
State-run BHEL rose 2.67% after it bagged a Rs.1, 475 crore order for the main plant package at the upcoming 600 MW Avantha Bhandar Thermal Power Project in Chhattisgarh. National Peroxide fell 2.64% after it entered into a gas supply agreement with GAIL (India) for long-term supply of natural gas at its Kalyan plant, with effect from January 2010.
Dry cell battery manufacturer Eveready Industries surged up 5.91% after the company inked a term sheet with France based CG Holding to invest up to Euro 10 million in an overseas joint venture/special purpose vehicle.
On the BSE, Aban Offshore topped the traded value with a total turnover of over Rs.430 crore followed by Cairn India (Rs.382.70 crore), ICICI Bank (Rs.214.69 crore), DLF (Rs.185.20 crore) and Reliance (Rs.173.89 crore).
Cairn India topped the traded volume with trades of over 19 million shares followed by Unitech (17.14 million), Suzlon (11.43 million), Reliance Natural Resources (8.08 million) and Aban Offshore (7.34 million).
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