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Midsession: Sensex touches 11,000 briefly on fund buying

Midsession: Sensex touches 11,000 briefly on fund buying
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First Published: Mon, Apr 13 2009. 03 05 PM IST
Updated: Mon, Apr 13 2009. 03 05 PM IST
Mumbai: The Bombay Stock Exchange benchmark Sensex regained the 11,000 level and added nearly 200 points at midsession on Monday on the back of sustained buying by funds, triggered by firming Asian markets.
The Sensex, which had gained nearly 13 points in the past six sessions, moved up further by 199.42 points, or 1.84% to trade at 11,003.28, the highest since 14 October last year, with the metals, banking and realty sectors leading the rally.
The 50-share National Stock Exchange’s Nifty also rose by 51.90 points, or 1.55%, to 3,393.95 at mid-session. Buying activity spread even the small- and mid-cap sector stocks.
The 30-share BSE index at 3:18pm slipped to trade at 10,930.13, 126.27 points up and the 50share NSE Nifty was 26.95 points up at 3,369.00.
The Bombay Stock Exchange 30-share index rose on Monday, continuing its gain for seventh straight session.
At 12:52pm, the 30-share BSE index was trading 54.79 points higher at 10858.65, after rising to as much as 10,993.69 in early deals. The index also briefly slipped into negative territory. The 50-share NSE index was up 1.40 points at 3343.45.
Satyam Computer was up 10% at Rs52.50, while shares in Tech Mahindra jumped more than 23% after television channels said it had won the race for the firm.
Diversified engineering and construction firm Larsen & Toubro reversed early losses to rise more than 3% after television channels said it was out of the buying race.
Leading lenders such as ICICI Bank, HDFC Bank and State Bank of India rallied on increased hopes of a recovery in the global financial sector and expectations of healthy quarterly results, traders said.
But declines in outsourcers such as Infosys Technologies and Wipro and top telecom firm Bharti Airtel put a cap on gains.
Twenty-two stocks advanced.
“We’ve seen quite a good rally. So there could be some profit booking, but I wouldn’t recommend going short on anything right now,” R. Sriram, a technical analyst at ICICI Securities, said.
Banks and energy giant Reliance Industries have led a market rally of more than 32% from 2009 lows hit on 6 March, tracking a global rally on increased optimism about the world economy.
Investors were cautious ahead of a market holiday on Tuesday, after which the corporate results season gets into full swing with no. 2 software-services exporter Infosys reporting March quarter numbers on Wednesday.
“The banks are still holding up pretty well, but I will be cautious and book profits if I get a chance,” Sriram said.
Uncertainty about the political outlook ahead of month-long general elections beginning on Thursday, are also keeping investors on their toes, traders said.
Private-sector lender ICICI Bank rose 4.8% to Rs416.80, while rival HDFC Bank gained 5.2% to Rs1,100. Government-run State Bank of India was up 4.7% at Rs1,194.05.
In the broader section, advancers led losers in the ratio of more than 3:1 on relatively moderate volume of 225.8 million shares.
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First Published: Mon, Apr 13 2009. 03 05 PM IST
More Topics: BSE | NSE | Sensex | Markets | Stocks |