Markets close with big gains: Bank, oil, metal surge

04 January 2008

The markets ended with handome gains outperforming its peers. Oil, bank, capital goods and metal stocks ended higher helping markets close up. The rise comes in despite mixed cues from peers. Today Asia ended mixed with Nikkei down over 4% on account of yen appreciation. 

Since the new year the markets have outperformed global peers. There has been underperformance in US on account of gloomy future outlook and alco crude has crossed the USD 100 mark. 

Oil & gas majors Reliance and ONGC were among the top gainers. Other refinery stocks like RPL and Cairn India are trading firm Stocks from metal, power and capital good space are also trading in green. 

However, IT stocks continue to languish at the lower levels. Midcaps have marginally outperformed the frontline indices  giving markets healthy breadth.

Among the top Sensex gainers were ICICI Bank followed by L&T, Reliance Communication and Reliance. Sterlite Ind, Reliance Petro  and Cairn India , ONGC  were among the other frontline gainers.

IT stocks were trading weak with Infosys, TCS, Wipro were among the top losers on the indices.