Sensex up over 150 pts; IT, metals, cap goods, pharma gain

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At 11:32 hours IST, the Sensex extended gain and rallied over 150 points on the back of buying interest in technology, power, metal, private banking, capital goods, pharma and FMCG companies' shares. ONGC, Reliance Industries and Bharti Airtel were the other gainers. There were still some bouts of volatility.

However, selling in SBI, HDFC, Maruti Suzuki, BPCL, Reliance Communications, Idea Cellular, Unitech, DLF and Suzlon Energy capped the gains to some extent.

The Sensex rose 155 points to 16,595 and the Nifty went up 45 points at 4,927. The broader indices gained 0.8-1.3%, as about 873 shares advanced while 373 shares declined on the NSE.

In the largecaps, Tata Motors, Sterlite Industries, Wipro, Jaiprakash Associates, Sun Pharma and Infosys were up 2.6-4%.

Top percentage gainers - McDowell Holdings locked at 20% upper circuit. Jubilant, MSP Steel, FIEM Industries and UB Holdings moved up 14-16%.

Top percentage losers - Surana Corp, Shreyans Industries, Deccan Cements, Jai Corp, Sree Rayalaseem, Rungta Irrig. Networth Stock, EMA India, Sika Interplant and Acrow India lost 5.5-13%.

Educomp Solutions gained over 4%, after seeing sell-off in last few days. CLSA downgraded the stock to underperform and reduced target price to Rs 580 from Rs 955.

Phoenix said tied up for Rs 242 crore debt to fund Mariott deal and have financial closure for both projects. Alert - Mariott International inked Rs 340 crore deal with Phoenix Hospitals and deal was signed for 2 hotels in Mumbai, Agra. Phoenix Mills gained nearly 3%.

SpiceJet, Jet Airways and Kingfisher Airlines went up 3-5%, as according to sources foreign airlines are keen on stakes in Indian carriers. Virgin, Emirates and SA are seeking nod for 26% stake. There was news in the last week that government would mull change in FDI norms on November 17. Foreign Airlines see no security issues.

Reliance Industries (RIL) was flat in trade. According to sources, RIL is actively scouting for more than one overseas acquisition and is readying war chest of over USD 25 billion for overseas buys. LyondellBasell is just one among other buy possibilities.

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