Markets end higher led by commodity, realty stocks

15 December 2008

The benchmark indices remained on the higher side throughout the session, barring some volatility, as there was a buzz the whole day with advance tax numbers. It was a continuation of recovery that we saw on Friday, when indices closed with marginal gain. Positive Asian markets was another reason that markets gained momentum. Oil, realty, metal, capital goods, select power and telecom stocks supported the indices well followed by sugar and cement stocks. Midcap and small cap stocks have continued upsurge today as well.

The 50-share NSE Nifty crossed 3000 mark during the day, but could not close above the same level. It was up 2.05% or 59.85 points at 2981.20 over previous close. The 30-share BSE Sensex gained 142.32 points or 1.47% at 9,832.39; after seeing an intraday high of 9,948.33.

Reliance Industries, ONGC, NTPC, SAIL, Bharti Airtel, L&T, HDFC Bank, Sterlite Inds, ICICI Bank and Tata Steel supported the markets. However, Reliance Communication, TCS, SBI, HDFC, Wipro, Tata Power and HCL Tech were losers.

Biggest outperformance was seen from midcap and small cap indices, as it was the fourth consecutive day that these indices have been surged. BSE Midcap Index was up by 114.59 points or 3.76% at 3,165.07 and Small Cap Index rose 128.13 points or 3.63% to 3,659.09.

Market breadth was strong due to positive broader indices. About 2011 shares advanced while 633 shares declined. Nearly 556 shares remained unchanged.

Among the midcap stocks, India Infoline, Welspun Gujarat, GMDC, Motherson Sumi and Shiv Vani Oil gained 19-24.5%