market over view on24/09/2009

Sensex steers past 15600

Market rallies sharply to close above 15600 mark on sharp appreciation in power and capital goods stocks.

Firm Asian markets made the undertone bullish, with the Sensex crossing the 15300-mark in early trades and maintaining the upward bias thereafter. While the mood remained upbeat on strong buying in real estate, consumer durables and fast moving consumer goods (FMCG) stocks, the rally gathered more steam in afternoon and the benchmark touched the day's high at 15676. At the closing bell the Sensex was 388 points higher at 15629 and Nifty rose by 114 points to close at 4643.

Market breadth, the number of advancing shares to declining ones, was starkly positive. Of the 2,826 stocks traded on the BSE where 2,044 stocks advanced only 715 declined stocks advanced. Sixty seven stocks ended unchanged. All the 13 sectoral indices on the BSE were up for the day. BSE Reality led the list flaring up by 5.09%, followed by BSE CD that rose 3.59%, BSE FMCG that was up 3.53%, BSE CG that was up by 3.46% and BSE Metal that moved up 3.18% for the day. All other indices ended 1-2% higher

All the 30 Sensex stocks ended higher. Tata Motors flared up 5.83% to Rs457.75, JP Associates bounced back sharply and shot up by 5.54% to Rs221.80, ITC zoomed 4.76% to Rs239.80, Larsen & Toubro moved up by 4.52% to Rs1,550.65, Hindalco Industries scaled up 4.18% at Rs108.40, Sterlite Industries surged 3.95% to Rs653.50, HDFC jumped 3.49% to Rs2,516.80 and Maruti Suzuki India gained 3.33% at Rs1,431.85.

Realty stocks were in demand and attracted strong buying support. Sobha Developers spurted by 11.21% to Rs243.15, Ansal Properties & Infrastructure shot up by 7.86% to Rs70, IB Real Estate flared up 7.65% at Rs275.15 and Phoenix Mills jumped by 7.55% to Rs142.45. Consumer durable stocks too logged significant gains. Videocon Industries soared up by 11.31% to Rs222.50, Blue Star added 2.40% to trade Rs341 and Rajesh Exports climbed 1.72% to trade at Rs44.35.

Over 1.52 crore shares of Unitech changed hands on the BSE followed by Suzlon Energy (1.01 crore shares), IFCI (0.93 crore shares), Ispat Industries (0.86 crore shares) and Adani Power (0.76 crore shares