Markets end strong: Ranbaxy, RIL, DLF top traded counters

11 June 2008

It was a strong pullback rally for the markets through the day after last few sluggish sessions. Huge buying seen in realty, banking, capital goods, power, technology, oil, pharma and metal stocks after got beaten down heavily for the last few days. Global cues have not played a much role today. The Sensex has remained above 15000 mark in an intraday trade. The Nifty had hovered around 4500 during the day but managed to close above that mark.

Ranbaxy Laboratries was one of the top traded counter among Reliance Industries, DLF, BHEL and Bharti Airtel as Ranbaxy has entered into big deal with Japanese pharmaceutical company, Daiichi Sankyo, which agreed to buy entire 35% stake of Promoters in the Ranbaxy. Daiichi is aiming to increase stake to 50.1%. The deal will close by March 2009. After this deal, Daiichi will make open offer at Rs 737 per share.

The Sensex closed at 15,185.32, up 1.99% or 296.07 points after hitting an intraday high of 15,225.81 and low of 15,009.48. The Nifty has touched a high/low of 4541.05 and 4468.05, respectively. It was up 1.66% or 73.8 points to settle at 4523.60.

Healthcare Index was up 0.8% to finish at 4,447.24. Pharma stocks like Orchid Chemical, Sun Pharma Adv, Aurobindo Pharma, Cipla, Sterling Bio, Matrix Labs, Pfizer and Dr Reddy's Labs have witnessed huge buying interest.

Realty Index has outperformed other indices in today's session and shown smart recovery as it had hit very badly in last few sessions. Index shot up 3.07% or 173.05 points to close at 5,803.66 on the back of buying in Omaxe, Akruti City, Peninsula Land, DLF, Puravankara Projects, HDIL and Unitech.

Capital Goods was another beaten down sector, which rebounded sharply. Index surged by 283.92 points or 2.44% to settle at 11,901.49 as buying seen in BHEL, Jyoti Structures, Crompton Greaves, Punj Lloyd, BEML and L&T.