Power stocks cheer Sensex up 305 pts

On powerless day,power stocks cheered Sensex past the 17K mark.

Written by Agencies | New Delhi | Published: July 30, 2012 4:55:14 pm

The Sensex today zoomed over 300 points to one-week high of 17,143.68 on intense buying in power,capital goods and banks ahead of RBI’s first quarter policy review tomorrow,amid strong global cues.

The BSE benchmark index shot up to 17,143.68,up by 304.99 points,or 1.81 per cent,the biggest single-day rise in over a month. Sensex had last touched level on July 20.

Investor wealth rose by Rs 1 lakh crore to Rs 60.45 lakh crore with over 1,600 stocks closing higher,while 1,143 scrips ending lower. Buying was so strong that all 13 sectoral indices closed with sharp gains.

Sensex’s gains were largely driven by ICICI Bank,Infosys and L&T. SBI topped the buying list rising 4.63 per cent today,followed by Tata Motors and Tata Power that rose 4.1 per cent each.

ICICI Bank,Bhel,L&T,GAIL and Sterlite rose in the 3-3.9 per cent range. ITC and Reliance gained over 1 per cent each supporting the mood. In the 30-share index,27 scrips rose.

Marketmen said after opening 80 points higher tracking poistive cues from Asian markets,Sensex kept on rising higher as sentiment firmed up on hopes that RBI may announce some measures at its policy meeting tomorrow.

“RBI may respond by releasing more liquidity by CRR or 0.25 per cent cut but hopes are very low,” said Raamdeo Agrawal,Joint MD,Motilal Oswal.

The sentiment was aslo helped by speculation that European Union policy makers will take action to ease the region’s debt crisis.

Domestic investors were also enthused by reports that the government has prepared contingency plans for 320 districts where monsoon rains have been poor,amidst fears of a 20 per cent shortfall in rains in August-September.

Traders said FIIs,who have pumped in over Rs 8,400 crore in July so far,also bought shares today in large caps and mid cap stocks.

The 50-share NSE index Nifty rose by 99.95 points,or 1.96 per cent to 5,199.80,after touching day’s high of 5,206.60.

Asian markets,barring China which closed with losses amid concerns over the economic slowdown,ended with gains between 0.48 per cent and 1.61 per cent on hopes of action by European leaders to curb the region’s debt crisis.

European stocks too were trading higher in the afternoon deals as key indices from France,Germany and UK were quoting up between 0.4 per cent and 0.76 per cent range.

Back home,major Sensex gainers were SBI (4.63 pc),Tata Motors (4.16 pc),Tata Power (4.12 pc),ICICI Bank (3.89 pc),BHEL (3.82 pc),L&T (3.38 pc),GAIL India (3.31 pc),Sterlite Industries (3.27 pc) and NTPC (3.01 pc).

Infosys (2.82 pc),Tata Steel (2.73 pc),M&M (2.44 pc),Sun Pharma (2.31 pc),Jindal Steel (2.09 pc),Cipla (1.98 pc),Bajaj Auto (1.43 pc),ITC (1.38 pc) and RIL (1.23 pc) also notched up smart gains.

Among losers,ONGC shed 0.31 per cent,followed by HUL and Wipro that closed marginally down from Friday’s levels.

Among sectoral indices,the BSE-Power jumped 3.58 per cent,followed by the BSE-Realty (3.13 pc),the BSE-CG (3 pc),the BSE-Bankex (2.67 pc),the BSE-CD (2.53 pc),the BSE-Auto (2.26 pc),the BSE-Metal (2.09 pc) and the BSE-PSU (1.94 pc).

Talking about likely market movement tomorrow,Puneet Kinra,Senior Technical Analyst,Bonanza Portfolio said: “The RBI policy will play major role in sentiment preparation on Tuesday. In case rate cut happens,buying momentum may be continuing. Or else profit booking may be seen”.

The total turnover dropped to Rs 1,748.49 crore from Rs 2,513.42 crore last Friday.

Stocks More on Sterlite

Company INFO More on GAIL

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