Market surges 221.76 pts; IT up 2.73%
Market surges 221.76 pts; IT up 2.73% The BSE benchmark index, Sensex, is trading strong as intense buying interest is being witnessed in pivotal stocks. Select stocks from auto, IT, banking advanced, while realty and cement stocks declined. BSE Sensex is trading at 17,143.15, up 221.76 points, while NSE Nifty is trading at 4,982.05, up 41.55 points (2.28 p.m).
The BSE Midcap declined 0.43%, while Smallcap rose 0.26%.
>Goldy Jain, a senior relationship manager, Sharekhan, rues, “Market looks very dicey. Already the market has covered 1,200 points in just 6 trading session. Be cautious in the market at this level - Sensex at 17,000 and Nifty at 5,000.“
When quizzed about the recent rally in large cap IT stocks, Goldy said, “IT stocks were up mainly due to some short covering by traders, who had lon g positions.“
Looking at the present situation in the market, he advised investors to book some profit and be in cash. Also, the second quarter numbers would be out in the next few weeks and a correction may just be around the corner.
Out of the total 2,759 stocks traded at the BSE, 1,369 advanced, 1,321 declined while 69 remained unchanged.
Amongst sectoral indices, BSE Auto rose 0.82%, BSE IT rose 2.73% and BSE Bankex rose 0.07%, while BSE Realty declined 0.45%.
Key gainers at the Sensex include Reliance Energy, which surged 7.92% to Rs 1,107.50, Infosys soared 4.48% to Rs 1,906.00 and Tata Steel increased 3.55% to Rs 777.55. ONGC, Cipla, Satyam, ACC, BHEL, Maruti and TCS also moved up.
Laggards at the BSE were Ambuja Cement, which declined 1.63% to Rs 145.25, HUL, dropped 1.24% to Rs 222.45 and Ranbaxy dipped 0.60% to Rs 419.05. Reliance Comm, HDFC, Bharti Airtel and Bajaj Auto also slipped.
