Nifty strengthened above yesterday’s low and closed, up 1.50%, the maximum one-day percentage gain since 29 November 2012. The index may move up to 5,900, subject to dips
 

The market, which was in the positive since the opening bell, settled near its highs on supportive global cues. The Nifty strengthened above yesterday’s low and closed up 1.50%, the maximum one-day percentage gain since 29 November 2012. The index may move up to 5,900, subject to dips.

The market opened on a firm note on supportive global cues. The US markets closed in the positive overnight on buying in late trade. Markets in Asia were higher in morning trade as Chinese officials reiterated the need to enhance fiscal spending to in order to boost economic growth to 7.5% this year.

The Nifty opened 23 points up at 5,722 and the Sensex resumed trade at 18,944, a rise of 66 points over its previous close. The opening figures on the Nifty and the Sensex were also their intraday lows.

Buying in realty, metal, auto and banking sectors kept the momentum steady till mid-morning trade. However, the benchmarks pared a small part of their gains on selling pressure. But the market overcame the minor hiccup and continued its northward journey in noon trade.

A positive opening of the key European bourses saw the local benchmarks strengthening further in post-noon trade. The gains resulted in all sectoral indices trading higher.

The market hit their intraday highs towards the end of the trading session with the Nifty almost touching the 5,800-mark at 5,790 and the Sensex climbing to 19,164.

The market settled near the highs of the day with the Nifty gaining 86 points (1.50%) at 5,784 and the Sensex jumped 265 points (1.40%) to finish the session at 19,143.

Among the broader indices, the BSE Mid-cap index surged 1.66% and the BSE Small-cap index climbed 1.11%.

All sectoral indices closed in the positive. The top gainers were BSE Realty (up 3.13%); BSE Metal (up 2.65%); BSE Bankex (up 1.89%); BSE Auto (up 1.78%) and BSE Oil & Gas (up 1.54%).

Twenty six of the 30 stocks on the Sensex closed in the positive. The main gainers were Sterlite Industries (up 4.47%); Hindalco Industries (up 4.29%); Tata Motors (up 3.73%); ICICI Bank (up3.36%) and Wipro (up 3.30%). Bajaj Auto (down 0.64%); BHEL (down 0.63%); ITC (down 0.26%) and NTPC (down 0.10%) emerged as losers on the benchmark.

The top two A Group gainers on the BSE were—Essar Oil (up 20.96%) and Adani Ports & Special Economic Zone (up 7.13%).

The top two A Group losers on the BSE were—MMTC (down 8.07%) and AstraZeneca Pharma India (down 3.38%).

The top two B Group gainers on the BSE were—Wheels India (up 20%) and La Opala RG (up 19.99%).

The top two B Group losers on the BSE were—Readymade Steel India (down 19.96%) and Ashika Credit Capital (down 19.96%).

Of the 50 stocks on the Nifty, 43 ended in the green. The key gainers were Sesa Goa (up 5.27%); Hindalco Ind (up 4.72%); HCL Technologies (up 4.28%); Ambuja Cements (up 4.25%) and Tata Motors (up 4.09%). The main losers were Bajaj Auto (down 1.22%); BHEL (down 0.67%); NTPC (down 0.23%); HDFC (down 0.05%) and Kotak Mahindra Bank (down 0.01%).

Markets in Asia, barring the Jakarta Composite index, closed higher on reports that the Chinese policymakers would maintain its GDP growth target of 7.5% as the government would initiate measures to spur consumer spending. News that the US Federal Reserve would continue with its bond buying programme also supported the gains.

The Shanghai Composite jumped 2.33%; the Hang Seng added 0.10%; the KLSE Composite gained 0.37%; the Nikkei 225 advanced 0.27%; the Straits Times climbed 0.26%; the Seoul Composite rose 0.17% and the Taiwan Weighted settled 0.835 up. Bucking the trend, the Jakarta Composite lost 0.20%.

At the time of writing, the key European markets were trading with gains of 0.77% to 1.66% and the US stock futures were in the green.

Back home, institutional investors, both foreign and domestic, were net sellers in the equities segment on Monday. While foreign institutional investors withdrew Rs30.10 crore, domestic institutional investors pulled out Rs111.08 crore from stocks.

Cairn India is ready to begin natural gas production from its prolific Rajasthan block and has sought government approvals to begin sale to consumers by the month end. The explorer currently produces small volumes of natural gas along with crude oil from the fields in the Barmer basin block. The gas produced in used for power generation for internal consumption. It, however, sees the resource base supporting commercial production of about 1 million standard cubic metres per day. The stock gained 1.35% to close at Rs292.35 on the NSE.

Vadodara-based pharma company, Alembic Pharmaceuticals has received the approval from the US Food and Drug Administration (USFDA) for a bioequivalent version of Pristiq by Pfizer. The product, which is indicated for the treatment of major depressive disorder, h as a market size of nearly $538 million (around Rs2,900 crore). The stock surged 14.84% to close at Rs92.10 on the NSE.

Ramco Systems today said it has bagged a new order from aviation charter service provider Hevilift Group through which the cloud solutions provider will provide its web-based solution to the group across 15 countries. The stock climbed 10.11% to settle at Rs92 on the NSE.