Markets end strong as CG, metal, telecom, realty stocks gain

20 August 2008

It was a good session for markets after five days of losing streak. Frontline indices have bounced back and stayed on strong through the day despite some volatility at higher levels. Capital goods, pharma, realty, power and metal stocks were leaders of the day. Positive Asian and European cues was also being supportive for markets. Buying was seen in midcap and small cap stocks as well.

The Sensex has touched an intraday high of 14,746.20 before closing at 14,678.23, a gain of 134.50 points or 0.92%. Nifty ended with a gain of 47.5 points or 1.09% at 4415.75. It has hit a high of 4434.90.

BSE Midcap was up 1.04% or 60.05 points to settle at 5,826.37 and Small Cap ended at 7,066.23, up 0.76%.

Amongst frontliners, SAIL shot up by 5.67%, Reliance Comm 3.76%, ABB 3.73%, Grasim 3.64%, BHEL 3.40%, Bharti Airtel 2.99% and Ranbaxy Labs 2.71%. However, ONGC lost 2.52%, M&M -2.08%, Satyam -0.74% and Suzlon Energy -0.86%.

Idea Cellular has dialed into the Mumbai circle today. It will launch with initial network of over 1,000 sites in Mumbai. It will offer 2G mobile technology with 2.75G capabilities and edge. The stock has surged 2.81% at 84.20.

Kumar Mangalam Birla, Chairman, Aditya Birla Group said that the total expense for Mumbai operations is seen at Rs 800 crore till March. Idea is looking at garnering 20% of the net additions in Mumbai circle in the next one year and atleast 8 lakh customers in the next 12 months, he added. He expects Idea's Mumbai operations to break even in four years.