Sensex tests 6,600: Banks in demand

Published on Fri, Dec 31, 2004 at 14:36 | Updated at Fri, Dec 31, 2004 at 14:21 | Source : Moneycontrol.com

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At 2:22 pm, the Sensex is up 75.51 points at 6598.05 after touching an intraday high of 6602.53. The Nifty is up 19.05 points at 2078.85. The market breadth is positive, about 1593 shares have advanced, 653 shares declined, and 71 shares are unchanged.

Sensex hits an intrday high of 6,602.53
Action in cement, bank, tech, and pharma shares
Media stocks in limelight
Auto and refinery stocks gain
Market breadth is positive

The BSE 500 Index is up 1.24% at 2,776.21 as several small and midcap shares have gained. Gains are seen in the Cement, bank, technology, media, pharma, and the auto sector.

The BSE Bankex has outperformed the other indices. It is up 2.14% to 3,714.48 following the gains in UCO Bank, Andhra Bank, IOB, Bank of India, Bank of Baroda, Canara Bank, Union Bank, Oriental Bank, SBI and ICICI Bank.

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The BSE Consumer Durable Index is up 1.64% to 1,524.97 as buying is seen in Samtel Colour, BPL, Titan Industries, Mirc Electronics, and Videocon International.

The BSE Healthcare Index is up 1.49% to 3,058.99. Gains are seen in several pharma stocks including Glenmark, Aurobindo Pharma, FDC, Novartis India, Cipla, Dr Reddy's Laboratories, Biocon, and Ranbaxy.

The BSE IT Index is up 1.48% at 2,612.39 as most of the frontline technology as well as second run technology share are trading higher. i-flex Solution, Polaris, TCS, HCL Tech, Infosys, Satyam and Wipro all have flared up.

The BSE Oil & Gas Index is up 1.21% to 3,150.59 as several oil and refinery stocks have gained amid a decline in crude oil prices. Most of the auto stocks have also geared up. The BSE Auto Index is up 1.07% at 2,839.24.

Cement stocks have also gained on expectation of an increase in offtake due to reconstruction after the Tsunami destruction. ACC, Grasim, and Gujarat Ambuja Cements are all trading higher.

Media stocks including NDTV, Balaji Telefilms, TV Today, TV18 and Zee have put on a good show. Metal stocks are however, trading mixed. Nalco and Sail are up, while Hindalco and Tisco are trading lower.