Markets close high led by oil, tech, banking; Sensex tests 10,000

16 December 2008

The markets witnessed smart rally in the last half an hour of trade on account of buying in oil & gas, technology, banking and select power stocks. The benchmark indices had opened flat and traded with volatility till afternoon trade.

Strong upsurge in European markets, after flat opening in early trade, also supported our markets. Midcap and small cap stocks have been strong for the fifth consecutive day.

Leaders for today's rally were ONGC, Reliance Industries, NTPC, SBI, HDFC Bank, BHEL, Bharti Airtel, Infosys and TCS, which shot up 1-6% (Also See : Top Gainers). However, HDFC, Sterlite Industries, Reliance Communication, DLF, L&T, Reliance Infrastructure and Tata Steel remained under pressure.

The Sensex has tested 10,000 mark after long time but failed to close above the same level. It was above 10,000 on November 11, 2008, i.e. after 22 sessions, it hit that mark. The 30-share BSE Sensex was up 144.59 points or 1.47%, to settle at 9,976.98. The 50-share NSE Nifty ended with a gain of 60.55 points or 2.03% at 3041.75. 

Among the broader indices, BSE Midcap Index rose 79.14 points or 2.5% to 3,244.21 and Small Cap Index closed at 3,776.65, up 117.56 points or 3.21% over previous close.

Market breadth was strong due to these broader indices; about 1957 shares advanced while 758 shares declined. Nearly 485 shares remained unchanged.