Markets end higher; railway-related stocks decline
13 Feb 2009
The benchmark indices have rebounded smartly on the back of support from positive global cues and ended the last day of a week on a strong note. The support has seen from capital goods, power, banking, metal, oil & gas and realty stocks. Midcap and small cap stocks also followed the same trend; wherein media stocks witnessing good buying interest while railway related stocks declined after Railway budget.
Biggest contributors in today's gain were Reliance Industries, BHEL, NTPC, ONGC, SBI, Reliance Communication, ICICI Bank, Power Grid, SAIL, L&T, ACC, M&M and Tata Steel. However, only 7 out of 50 stocks ended in red like Sun Pharma, ABB, GAIL, Infosys, Ambuja, Cements, HCL Tech and Ranbaxy Labs.
The 50-share NSE Nifty has crossed 2950 during the day and touched an intraday high of 2969.75. It closed at 2948.35, up 1.91% or 55.30 points over previous close. The 30-share BSE Sensex was up 168.91 points or 1.78%, to settle at 9,634.74.
Today's big event was the Interim Railway Budget; Union Railway Minister Lalu Prasad Yadav announced that he plans to invest Rs 35,900, crore in FY10. He kept freights rates unchanged. He also said to invest Rs 2.3 lakh crore in 11th 5-year plan.
Railway-related stocks have come off their highs, which had been buzzing since two-three days, after that budget. Kalindee Rail Nirman and Kernex Microsystems fell 2.3%. Titagarh Wagons declined over 6.5%. However, Texmaco gained 11%, as the company received 6,000-wagon order from Indian Railways yesterday. Stone India locked at 5% upper circuit.
Media was another sector buzzing today; Dish TV India surged 16.13%. TV18, Adlabs Films, IBN18 Broadcast, Zee Entertainment and Wire & Wireless went up 5.4-8.7%. Sun TV Network, Zee News, UTV Software and HT Media were up 1.2-3.5%.
Big support to the markets was seen from infrastructure, banking, metal and oil & gas stocks. BSE Capital Goods index ended at 6,547.42, up 2.48% or 158.47 points. BHEL, Siemens and L&T went up 2.8-3.9%.
Asian markets ended on a positive note. Shanghai gained 3.23%. Taiwan Weighted and Hang Seng went up 2.47-2.82%. Straits Times, Nikkei, Jakarta and Kospi moved up 1-1.23%.
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