Markets end strong led by power, oil, metal, telecom stocks

07 November 2008

The markets ended the last day of a week on a strong note. Power, oil, metal, telecom, technology and capital goods stocks led this rally. Positive global cues also helped our markets to turned back in green. The Sensex and Nifty tested 10,000 and 3,000 levels during the session.

Benchmark indices had started on a positive note, but immediately turned choppy till the first half of session. However, renewed buying in heavyweights had pushed markets back in green, which remained strong in second half of session. Reliance Industries, NTPC, TCS, Reliance Communication, SBI, Reliance Infrastructure, HDFC and HDFC Bank were major contributors in today's gain.

The Sensex surged 230.07 points or 2.36%, to settle at 9,964.29, after hitting an intraday high of 10,065.37 and low of 9,631.59. The Nifty has touched a high/low of 3010.00 and 2860.10, respectively. It closed with a gain of 80.35 points or 2.78% at 2973.

Among the frontliners, Reliance Infrastructure, Hindalco, Reliance Communication, TCS, Suzlon Energy, NALCO, Power Grid Corp, BPCL and Reliance Power rose 5-17%.

Volumes were very low in today's session; total traded turnover stood at Rs 49,664 crore. This includes Rs 9,248.62 crore from NSE cash segment, Rs 36,963.32 crore from NSE F&O and balance Rs 3,452.06 crore from BSE Cash segment.

Power stocks charged up. Suzlon Energy surged 17.64%. Reliance Infrastructure, GMR Infra, Torrent Power, Power Grid Corp, Reliance Power and NTPC rose 5-11%. The BSE Power Index outperformed other indices, went up higher by 75.34 points or 4.43% to 1,777.57.