Sensex rallies 227 pts; IT, refinery stocks in demand

Top heavyweight, petrochem giant RIL, contributed the most to the Sensex rise, closing up by 2.04 per cent.

Other index-based stocks like Infosys Tech, TCS, ITC,ICICI Bank, ONGC, HDFC Bank, SBI, Wipro and Sterlite Ind alsonotched handsome gains, supporting to the market.

Asian stocks ended narrowly mixed with downward bias onspreading unrest in the Middle-East and a fresh round ofpolicy tightening from China last Friday.

The key indices in China and Japan closed with gains,while those in Hong Kong, Taiwan, South Korea and Singaporeended with losses.

European markets too were trading mixed. The CAC was downby 0.26 per cent, the DAX by 0.10 per cent while the FTSE wasup by 0.21 per cent. US markets are closed today for thePresident''s Day holiday.

Overall, 20 out of 30 Sensex-based scrips ended withgains while others closed with losses but reflecting slide insecond-line stocks, the total market breadth was negative as1,465 stocks ended in the red while 1,395 closed in the green.

TCS was the top gainer from the Sensex pack with a riseof 4.24 per cent followed by Wipro (4.12 pc), Sterlite Ind(3.31 pc), ONGC (2.98 pc), Jaipra Asso (2.93 pc), REL Infra(2.58 pc), Infosys Tech (2.09 pc), RIL (2.04 pc), ITC (1.80pc), Jindal Steel (1.51 pc), Hindalco (1.48 pc), SBI (1.31pc), HDFC Bank (1.29 pc and ICICI Bank (1.20 pc).

However, Tata Motors, Hero Honda, Maruti Suzuki, NTPC andTata Power were major losers.

Amongst sectoral indices, BSE-IT flared up 2.76 per cent,BSE-Teck by 2.11 per cent, BSE-CD by 1.97 per cent,BSE-Oil&Gasby 1.81 per cent, BSE-Metal by 1.31 per cent and Bankex by0.99 per cent.

The total turnover dropped sharply to Rs 2,776.50 crorefrom Rs 3,723.62 crore last Friday.