Sensex resumes firm at 18,737.22 pts, up by 211 pts

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Mumbai, Nov 23: The BSE 30 scrips of sensitive index today resumed firm at 18,737.22 points with a massive gain of around 211 points from its last close 18,526.32 points on fresh speculative demand from FIIs and local financial institutional investors.

''The market surged and opened with upward gap. It, however, pared gains later. Capital goods, power, realty stocks gained. PSU banks also rose. The market breadth was strong. BSE small cap and mid cap indices outperformed Sensex '' brokers said.

Asian markets were trading mixed today. Hong Kong's Hang Seng was up by 1.72 pc at 26,441.94 and Singapore's Straits Times rose by 0.03 pc to 3,313.91. However, Taiwan's Taiwan Weighted was down by 1.25 pc at 8,393.15 followed by South Korea's Seoul Composite by 2.94 pc at 1,746.16, China's Sanghai Composite by 0.89 pc to 4,939.66 slipped. Japanese stocks market is closed today for Labour Thanksgiving Day. US markets remained closed for Thanksgiving day yesterday.

Crude oil prices climbed back above USD 97 a barrel in thin trade on today buoyed by the unrelenting decline in the US dollar. London Brent crude rose by 35 cents to USD 94.85 a barrel, while U.S. light crude for January delivery stood at USD 97.35 a barrel, brokers added.

Later, the 30-share BSE Sensex rose by 88.13 points or 0.48 per cent (pc) at 18,614.45. Sensex hit a high of 18,857.74 at the onset of the trading session. At day's high of 18,857.74, Sensex had gained 331.42 points from it last close.

The S&P CNX Nifty index of NSE also hiked nearly by 38 points or 1.70 pc to 5,557.75, before it resumed high at 5524.30 from it last close of 5519.35 points.

The BSE Mid-Cap index rose by 1.66 pc to 8,222.51 and the BSE Small-Cap index also gained by 1.71 pc to 10,233.11. Both these indices outperformed Sensex.

Index heavyweight and India's largest private sector firm by market capitalisation Reliance Industries hiked by 0.59 pc to Rs 2,744.90.

Power stocks surged. India's biggest power generation firm by revenue NTPC rose by 2.57 pc to Rs 232.50. National Thermal Power Corporation (NTPC) announced after market hours yesterday that the company and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) have signed a memorandum of understanding for the formation of a joint venture company (JVC) for establishing and operating a coal based thermal power project at Meja Tehsil or any other suitable site in Allahabad district in the state of Uttar Pradesh.

Reliance Energy was up by 2.42 pc to Rs 1,644 and Tata Power Company rose by 1.31 pc to Rs 1,159 edged higher.

Realty stocks gained. India's largest real estate developer by market capitalisation DLF hardened by 3.32 pc to Rs 850.10. As per reports, Fortis Healthcare and DLF are close to signing an agreement to set up 15 hospitals in the next five years on lands situated in the real estate giant's townships in India. As per some other reports, leading US quick service restaurant (QSR) chains Burger King and Wendy's are having talks with India's largest real estate company DLF for a foray into the Indian market.

Indiabulls Real Estate gained by 2.84 pc to Rs 620, Unitech was up by 3.75 pc to Rs 340.50 edged higher.

Capital goods stocks surged. Larsen&Toubro was up by 4.01 pc to Rs 4100, Bharat Heavy Electricals rose by 3.16 pc to Rs 2,563.70 and Suzlon Enegy gained by 0.63 pc to Rs 1,864.50.

PSU banks were up. UCO Bank rose by 5.1 pc to Rs 57.65,followed by Syndicate Bank by 0.98 pc to Rs 97.75, Oriental Bank of Commerce by 1.64 pc to Rs 253.60, Indian Bank by 2.57 pc to Rs 155.45, Dena Bank by 1.29 pc to Rs 78.8 edged higher.


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