RTTNews - The Indian market closed sharply higher near the day's high on Tuesday, helped by firm overseas cues on the back of an analyst upgrade for U. S. banks and encouraging news flow from the Asia-Pacific region. Covering up of short positions by speculators and reports that monsoon will intensify in the coming days also influenced trading.
The BSE Sensex opened higher at 13,549 and rose to a high of 13,903 before finishing at 13,854, up 453 points or 3.38% from its previous close. The S&P CNX Nifty jumped 137 points or 3.46% to 4,111, while the BSE small-cap and the mid-cap indexes rallied over 4% each. On the BSE, gainers outnumbered losers by 1956 to 602 and 76 stocks closed unchanged.
Stocks across the sectors ended sharply higher. Realty stocks outperformed the broader market with over 9% gains followed by metal, consumer durable, power, capital goods and banking stocks.
Among the top gainers, DLF soared 11.44%, Reliance Infrastructure climbed 9.02%, Jaiprakash Associates, ICICI Bank and HDFC rallied over 7% each and Tata Steel, Reliance Communication and Grasim added over 5% each.
Tata Motors, ACC, BHEL, Hindalco, Mahindra & Mahindra, Reliance Industries, Sterlite, Larsen & Toubro, Wipro and TCS were the other prominent gainers. HDFC Bank was the exception which ended down a little over 1% on profit taking after it said its June-quarter net profit rose 31% year-over-year.
State-run MMTC advanced 3.15%, shrugging off reports that the government has canceled licences for limited export of wheat through three state-owned companies. NALCO gained nearly 4% on reports that it has executed a fuel supply agreement with Mahanadi Coalfields for the supply of 4.71 million tons of coal per year to run its 960- MW captive power plant.
ONGC edged up 0.98% amid reports that it will invest about $729.43 million in Cairn India operated Rajasthan oilfields. SBI rose 2.36% after its chairman O.P. Bhatt forecast a 100- basis points rise in interest rates if liquidity conditions tighten.
Welspun-Gujarat Stahl surged up 6.10% to Rs.185.15 after insurer Life Insurance Corp. of India bought 10 lakh shares of the company at Rs.173 per share in a single deal through the open market. Bajaj Auto rallied 4.47% on reports that it will raise its stake in Austria's power bike company KTM Power Sport AG to 50% in coming years.
Power Grid Corp of India rose over 4%, shrugging off reports that it is likely to go slow on developing the Rs 5,000- crore evacuation line from the 4,000 megawatt Krishnapatnam ultra power project.
Reliance Power soared 7.06% on reports that it has finalized funding for its 1,200 -megawatt Rosa power project in northern state of Uttar Pradesh. Reliance Infrastructure jumped 9.02% on speculation it could be the front-runner for the Hyderabad metro rail project.
BHEL moved up 4.34% after it bagged an order worth Rs640 crore from Adhunik Power and Natural Resources for setting up a thermal power unit in Jharkhand. Religare Enterprises jumped 11% after its arm Religare Mutual Fund announced the launch of a new fund Religare Business Leaders Fund' (an open ended equity scheme).
Rain Commodities surged up 14.47% after it sold its entire stake of 11.5% held in Petroleum Coke Industries to AL-Mal Investment Company, Kuwait for Rs.76.58 crore. ABB gained 3.72% after it won an order worth Rs.141 crore from Maharashtra State Electricity Transmission Company. Oracle Financial Services Software rose 3.87% on bagging a overseas contract for its software product.
Era Infra Engineering rallied over 8% after its board approved raising Rs.1,000 crore via equity or debt from overseas or domestic market. Gammon India plunged 7.25% after the government asserted that it will not spare any one, including the company, after six people were killed and several others injured in an accident at Delhi Metro site for which the company was the contractor.
State Bank of Bikaner & Jaipur was locked at the 5% upper circuit limit after its net profit for the June quarter jumped 126% year-over-year. However, Sintex Industries fell 1.72% after reporting a modest 10% rise in its June-quarter net profit. TTK Healthcare ended up 1.82% after it acquired the orthopaedic implants business from Invicta Meditek, Chennai for an undisclosed sum
Elsewhere, a sharp up-move on Wall Street overnight helped the other Asian markets rally on Tuesday, the European markets were in the green in early trading, led by gains in banks, oil and power stocks and U.S. stock index futures pointed towards a stronger opening on Tuesday, ahead of the eagerly-awaited quarterly results from Goldman Sachs.
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