Markets rally led by FMCG, banks, IT, metal, telecom stocks

28 May 2008

It was a strong rebound for the markets in late trade after choppy session for major part of the day since morning and broken losing streak of last three consecutive days. Recovery led by FMCG, technology, metal, banking, telecom and pharma stocks. The Sensex managed to end above 16500 and the Nifty above 4900. Midcap stocks also bounced back.

The Sensex closed at 16,525.37, up 1.53% or 249.78 points after hitting high of 16,563.30 and low of 16,217.78. The Nifty touched a high/low of 4926.90 and 4835.65, before ending the day at 4918.35, up 1.2% or 58.55 points. Market breadth was mixed, about 1421 shares have advanced, 1497 shares declined, and 191 shares remained unchanged.

Biggest gainers were Ambuja Cements (6.66%), ITC (6.19%), Hindalco (5.96%), TCS (4.46%) and Sun Pharma (5.99%) while losers - BHEL, L&T, ONGC, M&M, Cairn, Suzlon and Dr Reddy's Labs.

The BSE Midcap was up 1.12% at 6,753.53 led by National Fert, Chambal Fert, Nagarjuna Fert, Mphasis, GSFC, Spice Comm, GNFC, Emami, Balaji Telefilm and HT Media, which were up over 7.5%. The BSE Small Cap rose 0.33% at 8,237.09.

ITC was the star performer, gained over 6% as there is news that distributor says ITC hiked cigarette prices by 5-10%. FMCG Index jumped 4.19% to end at 2,443.68. Other gainers were United Spirits, Dabur India, Colgate, Nestle, GSK Cons, HUL, P & G and Godrej Consumer.

Banking stocks like Axis Bank, Kotak Mahindra, PNB, Union Bank, SBI, Yes Bank, Bank of Baroda, Canara Bank and HDFC Bank have gained smartly. Bankex shot up 2.31% or 178.86 points at 7,933.50.