BSE: Sensex surges by 245.37 points

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Mumbai, Jan 11: The benchmark Sensex of the Bombay Stock Exchange today surged up by 245.37 points to close at 20,827.45 on strong buying interest amid a volatile trading session. Sensex recovered from previous day's sharp fall and resumed the day 120.86 points up at 20,702.94 from its previous close of 20,582.08.

It touched an intra-day high at 20,894.79 and a low at 20,505.81, before ending the day in positive zone after a volatile trading session. Similarly, the broader based Nifty index on National Stock Exchage ended the session 43.15 points up at 6,200.10 from its previous close of 6,156.95. Nifty touched a high at 6,224.20 and a low at 6,112.55 during the day trade.

The market surged in late trading session on recovery from lower level, which it had witnessed in mid-afternoon trade. It had slipped into the red in afternoon trade from an early surge after the industrial production data for November 2007 fell short of market expectations, traders said.

Reliance Industries (RIL) moved up. IT stocks were mixed after Infosys posted better than expected Q3 December 2007 results before trading hours. Banking, Oil&gas and realty stocks gained and led the positive rally in the market. However, Capital goods and consumer durables stocks declined.

BSE Mid-Cap and Small-Cap indices underperformed the Sensex. European markets, which opened after Indian markets, were mixed.

Asian markets ended in the red today. The BSE Mid-Cap index ended marginally low at 9,438.48 and BSE Small-Cap index ended down 1.28 pc to 12,694.02. The market breadth was weak on BSE with 813 shares advancing as compared to 2,027 that declined and 30 remained unchanged. 19 shares in the Sensex pack were in the green.

Among sectoral indices on BSE, Bankex oil&gas and realty supported the rally by gaining 3.60, 2.24 and 2.16 per cent respectively. Consumer durabl es and IT were the major losers. Banking stocks were the top gainers with ICICI Bank rising by 6.58 pc. The stock rose for the second day in a row on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though the board is yet to decide on securities arm listing. HDFC Bank rose 3.03pc and State Bank of India was up by 1.93pc.

BSE Oil&Gas stocks were among the top gainers. Reliance Industries was up 3.57pc, GAIL (India) up 3.57pc and ONGC was marginally up, while Reliance Petroleum gained 2.35 pc.

Realty stocks gained. Ansal Properties&Infrastructure was up 10.48pc, DLF was up 4.71pc, while Unitech and Indiabulls Real Estate were marginally up.

Consumer durables stocks declined. Videocon Industries was down 5 pc to and Blue Star was down by 4.74pc.

Infosys Technologies declined 1.38pc after the company today reported stronger-than-expected growth in net profit in Q3 December 2007.

However, Tata Consultancy Services rose 1.47pc, while Satyam Computer Services shed 2.24pc and Wipro declined 0.34pc. The company on Thursday said its unit Wipro Infotech had won a nine-year outsourcing contract from a cellular operator.


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