Nifty ends above 4600; Realty up 5 per cent, Bank gains 4 per cent

11 August 2008

Markets witnessed spectacular rally as rate sensitives, infrastructure and oil stocks have played key role in todays trade. Fall in crude oil price below USD 116 a barrel and positive European cues also helped markets to remain strong. IIP numbers are expected to be around 5.6% (which will be announced on Tuesday) as against 3.8%, as per CNBC-TV18 poll. This was also supporting markets a bit.

Frontline indices remained strong; Nifty again clawed back above 4600 and Sensex above 15500 levels. Broader indices like midcap and small cap traded sharply higher, led by fertiliser and banking stocks.

Sensex shot up by 336.10 points or 2.22% to settle at 15,503.92 after hitting an intraday high of 15,520.71 and low of 15,367.97. Nifty ended with a gain of 90.9 points or 2.01% at 4,620.40. It touched a high/low of 4625.20 and 4529.35, respectively.

Amongst frontliners, Jaiprakash Associates surged 7.68%, Reliance Infra 6.86%, Unitech 6.24%, ICICI Bank 5.74%, Maruti Suzuki 5.27% and SBI 4.65% while Dr Reddys Labs lost 2.72%, Sterlite Industries -2.58%, TCS -1.32%, Tata Steel -1.17%, Idea Cellular -0.89% and Infosys -0.58%.

Rate sensitives like realty stocks have gained smartly. BSE Realty index outperformed other indices, jumped up by 290.49 points or 5.27% at 5,799.37. Indiabulls Real, Unitech, DLF, Mahindra Life, Omaxe and Peninsula Land were up 2.5-14%.

Bankex rose 307.32 points or 4.16% at 7,702.35 due to buying in Canara Bank, ICICI Bank, SBI, Bank of India, Karnataka Bank and Bank of Baroda, which rose 3.6-7.4%.