Sensex soars upwards by 584.71 points

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Mumbai, Feb 1: After losing ground in the last four sessions, the Sensex today rebounded back on the Bombay Stock Exchange (BSE), recovering 584.71 points or 3.31 per cent to close higher at 18,233.42 following fresh buying in select pivotals, spurred by possibility of further rate cuts by US Federal Reserve that may lead to money flow into the Asian markets.

After resuming the day on firm note, the Sensex hit a intraday high at 18,233.42 and gained 663.79 points from its previous close of 17,648.71 in late trade. Earlier, Sensex slid into the red to hit a day's low at 17,534.96, shedding about 114 points on some profit booking in select pivotals in afternoon trade. Similarly, Nifty index of National Stock Exchange (NSE), after moving between red and green, ultimately rallied by 179.80 points or 3.5 per cent to close at 5,317.25 from its previous close of 5,137.45. Nifty hit a day's high at 5,339.95 and a low at 5,090.75 in day trade.

The market galloped in late trade to snap its four-day losing streak, on buying in pivotals. Fresh build-up of positions after smooth expiry of January 2008 derivative contracts propelled market from the lower level, brokers said.

Brokers maintained that despite the rally, the market breadth was negative. Turnover was also subdued. IT, Metal and auto shares were the key drivers of today's rally. The BSE Mid-Cap index was down 0.23 pc to 7,749.02, while the BSE Small-Cap index slipped 0.51pc to 10,073.11. The total turnover at BSE was Rs 4779 crore.

Turnover in NSE's futures&options segment declined to Rs 35,830.69 crore as compared to Rs 78768.81 crore yesterday. Most sectoral indices on BSE posted gains today. BSE IT index surged 5.70 pc and led the rally, followed by Metal index up 3.75 pc.

Auto closed 3.44pc up and outperformed the Sensex. Satyam Computer surged 7.88 pc to Rs 419.90 on 7.23 lakh shares. It was the top gainer from the Sensex pack. Infosys Technologies ended up 5.40 pc, Wipro gained 6.21pc and TCS was up 6.71pc.

Tata Motors gained 6.35pc, Maruti Suzuki India was up 6.15 pc and Bajaj Auto ended 4.26 pc up. Mahindra&Mahindra rose 0.84 pc after its sales rose 12 pc to 22,309 units in January 2008 over January 2007.

Housing Finance Development Corporation gained 5.47 pc to Rs 2999. The company said it has reduced its retail prime lending rate (RPLR) by 25 basis points, with effect from February one.

Tata Steel gined 5.93 pc, Hindalco Industries was up 6.71 pc and ONGC up by 6.10 pc and were other gainers from Sensex pack. National Thermal Power Corporation gained 3.59 pc. Reliance Industries (RIL) recovered from day's low of Rs 2424. It rose 2.10 pc to Rs 2531 on 6.49 lakh shares.

Among banking shares, State bank of India was up 1.19 pc, ICICI bank gained 5.10 pc and HDFC Bank advanced marginally.

Future Capital Holdings settled at Rs 908 on BSE, at a premium of 19 pc over IPO price of Rs 765. The stock debuted today at Rs 1044 on BSE, a premium of 36.44pc over the IPO price. The scrip hit a low of Rs 826.10 and high of Rs 1100.

Future Capital Holdings was the most active counter with a turnover of Rs 784 crore followed by Reliance Energy-Rs 246 crore, Reliance Petroleum-Rs 178 crore, Reliance Natural Resources--Rs 177 crore and Reliance Industries at Rs 162 crore


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