Street cheers across sectors as Nifty sits pretty on 5530

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Street cheers across sectors as Nifty sits pretty on 5530

It has been a dream run on the market on Monday, with Nifty finally closing with a flourish around 5530. The rally as expected was led by oil stocks, however, interest rate sensitives also joined the party, observes CNBC-TV18’s Udayan Muherjee.

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Excerpts from India Business Hour on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say ONGC BSE | NSE 30/05/12 Are Mutual Funds betting on ONGC? Other Stocks in this news Axis Bank | State Bank of India | Kotak Mahindra Bank | HDFC Bank | ICICI Bank | Mahindra and Mahindra | Maruti Suzuki India | Bajaj Auto | Larsen and Toubro | Steel Authority of India | Tata Steel | ITC | Hindustan Unilever | Power Grid Corporation of India | Lanco Industries | Dish TV | Zee News | Zee Entertainment Enterprises | Delta Corp | Videocon Industries | Yes Bank | India Infoline | S Kumars Nationwide | Housing Development and Infrastructure | DLF | GTL Infrastructure | GTL |

It has been a dream run on the market on Monday, with Nifty finally closing with a flourish around 5530. The rally as expected was led by oil stocks, however, interest rate sensitives also joined the party, observes CNBC-TV18's Udayan Muherjee.

" ONGC started the day about 8% higher, saw some profit taking and closed the day around 4% up. Most of the oil marketing stocks and Oil India also closed about 4-5% higher," says Udayan.

Despite the fear of inflation getting stroked by the fuel price hike, rate sensitives like autos and banks were strong. "Stocks like Axis Bank , State Bank of India , Kotak Bank , HDFC Bank and ICICI were all gainers today. The auto stocks despite a sluggish start, saw names like M&M , Maruti and Bajaj Auto close with gains," notes Udayan, adding it was most the 'interesting' aspect about today's trade.

" L&T looked strong over the last three weeks and it continued closer to that Rs 1800 level, while in the metals space SAIL and Tata Steel were both strong today," he said. ITC and HUL were subdued as defensives tend to 'take a day off' on such a rally.

The market saw strong volumes, with Rs 1.8 lakh crore traded today and the breadth too was good as well at 2:1. Therefore, Udayan pointed out the market had no complaints on the internals.

On the winning side, Power Grid was up 5% in the largecap space while Lanco had very high volumes today, although the stock closed flattish. The interest however is high in after the Australian lawsuit.

" Dish TV and Zee from the media space, Delta Corp and Videocon from the popular trading stocks, Yes Bank and India Infoline from the financial space looked quite hot, S Kumars was good and India Cement had a good run as well," Udayan read, specifying the midcaps had a good day on the market.

Titan, post the volatility on ex-split in the bonus, lost another couple of percentage points. Real estate sector however did not have a good day as HDIL and DLF were both down, while GTL and GTL Infra continued to struggle.