Indian Market Witnessed Strength After So Many Days

Indian shares opened with huge gap up and gained further ground during mid-session Thursday on the back of strong cues from the global markets. Asian markets are trading strong with substantial gains following surge in US markets yesterday. Oil & gas, metal, capital goods and telecom stocks surged in opening trade.

 

Buying interest was witnessed in the scrips across sectors led by Oil & gas, realty, power, metal and banking. At 12:50 pm, the 30-stock BSE Sensex was up 706 points (4.17%) at 17,655 while the NSE Nifty was up 216 points or 4.38% at 5145.

 

The market breadth was strong: On BSE 1759 advanced as compared to 807 that declined. 46 stocks remained unchanged.

 

Bharat Heavy Electricals rose 8.49% to Rs 2150.05 after it won a Rs 200 crore contract for supplying oil field equipment to Oil & Natural Gas Corporation. Reliance Industries rose 5.12% to Rs 2509.10 on news that the company had found gas in the KG basin.

 

Among the Banking stocks ICICI Bank spurted 6.10% to Rs 1165, HDFC Bank climbed 5.52% to Rs 1,548, Allahabad Bank moved up 5.21% to Rs 111.15, Union Bank of India jumped 4.48% to Rs 192.50 SBI rose 2.75% to Rs 2,175.15 and Axis Bank moved up 1.70% to Rs 985.55.

 

The Metal sector also witnessed some buying interest as Jindal Steel soared 8.10% to Rs 2,311.10, Jindal Stainless jumped 6.81% to Rs 156.95, Ispat Industries spurted 6.04% to Rs 41.25, Bhushan Steel gained 6% to Rs 1,009 and National Aluminum Company rose 5.53% to Rs 346.10. Punj Lloyd jumped 10% to Rs 364.85 after its unit Sembawang Engineers bagged a SD 400 million contract to build part of the Marina Bay Sands integrated resort in Singapore