August 29, 2011 / 17:51 IST
The third biggest rally of 2011 took place on the first day of the week. The 30-share BSE Sensex surged 567.5 points, to close at 16,416.33. The market witnessed a relief rally right from the start of the trade and at one point the Sensex rose more than 600 points. Meanwhile, the 50-share NSE Nifty jumped 172 points, to end at 4,920 after hitting an intra-day high of 4,934.40.
The market was hammered consistently for the last five weeks. But short covering, build-up of fresh longs and positive global cues brought the bulls back on the Dalal Street. Partly, the global cues came in from the fact that the US was not looking at QE as the only solution to its problems. On Friday, Fed chairman Ben Bernanke said the country will look at other tools to stimulate the economy. That instilled confidence for sure, says Deven Choksey of KR Choksey Securities.However, the market saw some profit booking in last few minutes of trade. Market would be moving in the direction of 5,150-5,200 level in September, Choksey told CNBC-TV18. "I think 4,700-4,750 level will play an important bottom level for the time being. We could see nearly 500 points jump from this level that is somewhere around 5,150-5,200. We are going to be range of 4,700-5,200 for the month of September," he said. | Date | Closing value | Gains (pts) |
| 6-Feb-11 | 18726.97 | 718.82 |
| 1-Mar-11 | 18446.5 | 623.1 |
| 29-Aug-11 | 16416.33 | 567.5 |
| 24-Jun-11 | 18240.68 | 513.19 |
| 14-Feb-11 | 18202.2 | 473.59 |
Technology, realty, metal, bank and capital goods sectors led the market from the front; respective sectoral indices gained 4-5%.Banking stocks maintained their uptrend after RBI released draft guidelines for new banking licenses in late trade.ICICI Bank, HDFC Bank, SBI and HDFC gained 2.7-4.7%. Kotak Mahindra Bank shot up 6.5%.The most beaten down Anil Dhirubhai Ambani Group's stocks saw huge short covering today. Reliance Capital, Reliance Power, Reliance Communications and Reliance Infrastructure surged 5-10%.| Indices | Closing Value | Gain (%) |
| IT | 4958.9 | 5.06 |
| METAL | 11660.67 | 4.63 |
| REALTY | 1678.74 | 4.43 |
| TECk | 3150.57 | 4.15 |
| BANKEX | 10665.21 | 4.1 |
| CG | 11999.52 | 4.05 |
Among other largecaps, HCL Tech, TCS, Jindal Steel, Jaiprakash Associates, Tata Steel, Cairn India, IDFC and L&T jumped 6-8%.Heavyweight Reliance Industries rallied 5%. However, ONGC and Maruti Suzuki were only losers on Nifty.Equity benchmarks outperformed broader indices; the BSE Midcap and Smallcap up 2-2.5%. About four shares gained for every share falling.Midcaps like Bajaj Finserv, Sujana Towers, IFCI, TV18 Broadcast and IVRCL moved up 9-14.4%.However, volume was quite low as compared to previous sessions. Total traded turnover was just more than Rs 1.01 lakh crore._PAGEBREAK_At 15:09 hours IST : Sensex rallies 600 pts; technology remains hot favouriteThe 30-share BSE Benchmark Sensex gained 606 points to touch 16,455 as short covering and fresh longs build ups picked up momentum. Meanwhile, the 50-share NSE Nifty rose 182 points to 4,931 led by 47 stocks.Technology continued to be the focus of investors, rallying 5% each. Metal, realty, capital goods and banking too ralied between 4 and 5%. However, only three stocks like ONGC and Maruti lost over 0.5%. Ranbaxy Labs was marginally in the red.Bankex surged further after the Reserve Bank of India has released draft guidelines for new banking licenses. Heavyweights TCS, Reliance Industries, Infosys, L&T, ICICI Bank, HDFC and HDFC Bank jumped 4-7%. ITC, SBI, Bharti, NTPC and Wipro gained 1.5-3%.The Nifty September futures were trading with 12 points premium. About four shares gained for every share declining.At 14:44 hours IST : Sensex zooms 580 pts; ADAG stocks swell 7-9% It's party time for Indian equity benchmarks. The high frequency rally, which started in the morning, is zipping ahead with the help of frontline sectors like technology, metal, capital goods and banking. All the sectoral indices, including realty, has shot up 4-5%. The 30-share BSE Sensex was trading at 16,432, up 580 points and the 50-share NSE Nifty was trading at 4924, up 177 points . ADAG stocks like Reliance Capital, Reliance Communications and Reliance Power, which were the most beaten down on Friday, surged 7-9% on short covering. Among other largecaps, TCS witnessed huge buying interest; the stock gained 7.5%. Cairn India, Jindal Steel, L&T, Jaiprakash Associates and Bajaj Auto rallied 5.5-7%.However, ONGC, Ranbaxy Labs and Maruti were on sellers' radar.Midcaps like IVRCL, Jet Airways, Sujana Towers, IFCI and MTNL jumped 8-9%.In the smallcap space, Fineotex Chemical, Mercator Lines, Patel Engg, Ador Welding and SPML Infra surged 9-15%.At 13:49 hours IST : Sensex gains 500 points; Nifty hits 4900-markPositive global cues, short covering and build-up in long positions have been supporting the market. The 50-share NSE Nifty rose 153 points to hit the 4900-mark. Sensex, which rose 497 points, touched 16,346 level. The BSE Realty surged 5%, well above its peer indices. All sectors were trading in the green. Unitech shot up 12% after CBI told 2G trial court that there was no money trail found in Unitech's case. "There is no evidence to suggest quid pro quo by Unitech."Technology stocks were consistently seeing huge buying interest; respective index jumped 4.5%. Metal, Bank, Capital Goods, Oil & Gas and Auto indices were up 2.5-3.5%.Among largecaps, Jindal Steel, Cairn India, HCL Tech, TCS and Kotak Mahindra Bank rallied 6% each. Hindalco, Reliance Industries and Bajaj Auto moved up 4-4.6%.However, there were only three losers on Nifty. Maruti Suzuki and ONGC were down 1-1.5%. Ranbaxy Labs fell 0.4%.The BSE Midcap Index was up 2% and Smallcap up 1.8%.At 12:46 hours IST : Sensex gains 450 pts, European markets open in greenIndian equity markets continued to trade higher on the back of positive global cues. European markets too opened strong; France's CAC and Germany's DAX were trading 1.5% higher. The 30-share BSE Sensex moved up 450 points to 16,298 and the 50-share NSE Nifty shot up 133 points to 4,880.TCS and Jindal Steel have topped the gainers list; both stocks rallied 6% each.Reliance Industries, Infosys, HDFC Bank, SBI, Bharti Airtel, ICICI Bank, Wipro, L&T, HDFC, Cairn, M&M, Tata Steel and Bajaj Auto surged 2-4%. NTPC and ITC gained 1-1.5%.Kotak Mahindra Bank jumped 5.5%. However, ONGC turned negative; the stock fell 1%. Maruti Suzuki declined further; it lost 2% due to problems emerged at Manesar Plant. Ranbaxy Labs, Sesa Goa and Ambuja Cements were other losers.About four shares advanced for every share falling.At 11:46 hours IST : Nifty inches towards 4900; JSPL, TCS top gainersIt seemed that investors were covering their shorts as well as adding fresh longs today. The 50-share NSE Nifty was trading at 4,874, up 126 points led by 44 stocks and the 30-share BSE Sensex jumped 425 points to 16,274. Indices had fallen 2% last week.Technology led the buying and the index was up 4%. Bank, metal and realty stocks too were following the same trend; respective indices jumped 3% each.Capital Goods, Oil & Gas and Auto indices gained 2% each. Market breadth has remained in favour of advances; about four shares gained for every share falling.In the largecap space, Jindal Steel and TCS were biggest gainers; both surged 6% each. Kotak Mahindra Bank, IDFC, HCL Tech, Wipro, Tata Steel and Infosys went up 3.6-4.6%.However, Maruti Suzuki lost 0.75%. Company's management suspended 21 workers at Manesar unit. Company may temporarily suspend operations at Manesar plant.Ranbaxy Labs, Sesa Goa, Ambuja Cements and Cipla too were down.SBI, Reliance Industries, Tree House Education, Tata Steel, Tata Motors, Axis Bank and TCS were most active shares on exchanges.Among midcaps, IVRCL, Sujana Towers, Alfa Laval, Bajaj Hindusthan and NCC rallied 6-9%.In the smallcap space, Sahara One, J Kumar Infra, Aegis Logistics, Entegra and Mercator Lines jumped 8-13%.At 10:54 hours IST : Sensex surges 400 pts, buyers flock in to pick TCS, InfyIndian equity benchmarks held on to early gains on the back of buying in leading sectors like technology, banking, oil & gas and infrastructure. The 30-share BSE Sensex was trading at 16,259, up 411 points and the 50-share NSE Nifty was leading by 122 points at 4,870. The markets have welcomed Federal Reserve chairman Ben Bernanke's intention of postponing QE3 for now. No quantitative easing would mean that commodity prices won't rise in emerging markets. "This is what the Fed wanted; it did not want another big move in commodity prices. Thus, absence of QE3 is good news for emerging markets," Geoffrey Dennis, emerging market strategist at Citigroup pointed out.Heavyweights like TCS, Reliance Industries, Infosys, SBI, Bharti Airtel, ICICI Bank, HDFC Bank, HDFC and L&T rallied 2-4.6%. However, Ranbaxy Labs and Sesa Goa lost nearly 1.5%. Maruti, Hero Motocorp and HUL were marginally in the red.Asian markets like Hang Seng, Straits Times and Taiwan gained 1.5%. Kospi jumped nearly 3%. Nikkei rose 0.5% while Shanghai fell 1%.Midcaps like Sujana Towers, IVRCL, Arvind, Bajaj Hindusthan and Anant Raj Industries were up 5-8%. However, Chennai Petroleum, Marico, SKS Microfinance, Infotech Enterprises and Birla Corp slipped 2-5%.At 10:11 hours IST ; Nifty rises 100 points on broadbased buyingInvestors are choosing India over other Asian peers this morning. Broadbased buying took the 30-share BSE Sensex was trading at 16,196, up 345 points and the 50-share NSE Nifty jumped 101 points to 4,849. Technology stocks were completely on buyers' radar; respective index shot up over 3%.The BSE Bank, Metal, Realty, Oil & Gas, Capital Goods and Auto indices surged 2-2.7%. The broader indices too were following the same trend; the BSE Midcap and Smallcap indices were up 1.5% each.Among largecaps, Jindal Steel was the biggest gainer; the stock jumped 6%. Reliance Infrastructure, IDFC, TCS, Kotak Mahindra Bank, Infosys, Reliance Industries and Wipro rallied 3-4.5%.However, Sesa Goa was the only loser on Nifty as company halted its mining operations at Chitradurga Mine. The stock fell 1.86%. Market breadth was positive; about four shares advanced for every share declining.On the global front, Kospi shot up 3%. Hang Seng, Nikkei, Straits Times and Taiwan gained 1-2%. However, Shanghai lost 1%.At 9:18 hours IST : Global cues push Sensex 300 points higher; tech leadsIndian equity benchmarks bounced back sharply following positive global cues. Experts term it as a technical pullback. Most beaten down Anil Dhirubhai Ambani Group's and infrastructure stocks saw buying interests. Banking and technology stocks were leading the market.At 9:18 hours IST, the 30-share BSE Sensex shot up 300 points to 16,168 and the 50-share NSE Nifty went up 94 points to 4,841 led by 46 stocks. Among largecaps, Jaiprakash Associates, Reliance Capital, Reliance Communications, SAIL, JSPL, SBI, ICICI Bank, Infosys, Wipro, TCS, Reliance Industries and L&T were leading the marketHowever, Maruti, Sesa Goa and ITC were facing selling pressure.The CNX Midcap surged 92 points to 7,135. About 479 shares advanced as against 84 shares declined on National Stock Exchange.In the infrastructure space, GVK Power, IVRCL and Punj Lloyd were up 2-3%. Yes Bank, Dena Bank, Alok Industries, Arvind, Welspun Corp and S Kumars rallied 2-4%.From the realty space, Indiabulls Real, HDIL and Sobha Developers gained 1-3%. JSW Steel rose 3%. Mahindra Satyam surged 4%.Global cuesAsian markets were trading higher barring Shanghai. Hang Seng, Straits Times, Kospi and Taiwan went up 1.4-2.5%. Nikkei rose 0.5% while Shanghai lost 1%.The US equity markets bounced back from day's low. Federal Reserve Chairman Ben Bernanke gives little surprise in his economic commentary and second quarter GDP data revised downward. The markets witnessed best weekly gain in 8 weeks. S&P 500 Index ended biggest weekly retreat Since 2009 as Ben indicated that US economy isn
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