Sensex gains 344 points closing at 12,218 mark

Mumbai, May 17: Markets continued to surprise investors with a strong comeback marked by 344 points gain to 12,218 points on the benchmark index of the Bombay Stock Exchange(BSE).

The 2.90 per cent gains today was strong pull back from the lows touched yesterday and day before due to global markets in a bearish mood.

The National Stock Exchange(NSE) S&P CNX Nifty index too gained 3.17 per cent or 112 points to close at 3,635 as compared to the last close of 3,523 points.

The strong gains today were led by 4.20 per cent gain in Reliance Industries to Rs 1,087.10; ONGC too gained 5.83 per cent to rs 1,441.45; ITC gained 5.35 per cent to Rs 204.85.

Top Sensex gainers was SBI up by 7.24 per cent to Rs 990.35; Tata Steel was the second highest gainer on Sensex up by 6.80 per cent to Rs 612.25; Hero Honda was up by 5.31 per cent to Rs 894; Bajaj Auto was up by 4.65 per cent to Rs 3,267.70; Bharti Televentures was up by 3.76 per cent to Rs 417.80; Tata Motors was up by 3.47 per cent to Rs 762.20 and Satyam Computers was up by 2.98 per cent to Rs 768.15.

Today's recovery was marked by across the board rally, BSE sectoral indices that gained heavily were - BSE Metal index up by 5.00 per cent; BSE Oil&Gas index was up by 4.35 per cent; BSE Public Sector Undertaking(PSU) index was up by 3.45 per cent; BSE Auto index was by 3.40 per cent; BSE FMCG index was up by 3.38m per cent; BSE Bankex index was up by 3.40 per cent.

The BSE Smallcap index was also up by 3.83 per cent and BSE Midcap index was up by 3.36 per cent.

Earlier, the Bombay Stock Exchange's (BSE) sensitive index (Sensex) opened 89 points up at 11,962 points as compared to the last close of 11,873 and crossed 12,000 mark in the morning.

Strong recovery today came on the back of metal prices firming up again leading to huge gains in the metal scrips. Steel Authority of India was up by 5.19 per cent to Rs 92.25; NALCO was up by 5.24 per cent to Rs 306.25; Hindustan Zinc was up by 12.03 per cent to Rs 946.10; Sterlite Industries was up by 2.97 per cent to Rs 517.20.

Other big gainers were VSNL up by 7.78 per cent to Rs 471.25; Punjab National Bank was up by 6.59 per cent to Rs 484.65; MTNL was up by 4.27 per cent to Rs 200.05.

The gains were evenly spread with midcap stock too making handsome gains Sesa Goa gained 6.77 per cent to Rs 1,407.15; Mahindra Gesco was up by 20 per cent to Rs 1,288.25 and Dewan Housing Finance too was up by 20 per cent to Rs 86.90.

Among the mid-cap bank stocks Canara Bank was up by 7.03 per cent to Rs 265; Dena Bank was up by 12.03 per cent to Rs 38.85.

Among the other big gainers were Bombay Dyeing up by 14.82 per cent to Rs 952 and Mangalore Refineries up by 7.40 per cent to Rs 53.70.

Profit booking was there in few Sensex stocks led by 1.60 per cent fall in Cipla to Rs 258.65; Grasim Industries was down by 0.50 per cent to Rs 2,171.20 and NTPC was down by 0.38 per cent to Rs 130.60.

The market breadth was overwhelmingly positive with 2,111 scrips advancing versus 470 scrips declining out of 2,614 scrips traded.

Even among the Sensex 30 scrips 27 advanced versus three declining.

UNI