The markets have begun the week on a strong note with the NSE benchmark Nifty closing above the psychological 5,900 mark. The Sensex rose 281 points to 19,701 while the Nifty advanced 82 points to 5,908.The markets have witnessed a terrific rally in the last fortnight. Banking and IT stocks have been on the forefront of this rally.
IT stocks led today's rise as well. The BSE IT index rose 2.18 per cent. TCS and Infosys gained 2-3 per cent. Together, the two stocks added close to 75 index points on the Sensex. Wipro closed 1 per cent higher.
Capital goods stocks surged after BHEL reported good numbers. The company posted 40 per cent growth in profits. BHEL surged 2.84 per cent. L&T closed 2.4 per cent higher.
Banking stocks gained 1.8 per cent. All other sectoral indices closed in the green. On the Sensex, 23 stocks finished higher. M&M was the top gainer, rising 4.75 per cent. Jaiprakash Associates gained 3.25 per cent. HDFC Bank advanced 2.8 per cent.
2G scam linked stocks declined after the CBI named Reliance Telecom, Swan and Unitech Wireless as the beneficiaries in its chargesheet on Saturday. Reliance Comm saw the biggest cut on the Sensex, ending 2.2 per cent lower. Unitech declined 1.3 per cent while DB Realty fell 2.3 per cent.
Today’s buying was not limited to index stocks. Midcap and small cap stocks outperformed the benchmark indices and that was evident in the market breadth. 85 per cent stocks advanced on the BSE 500 index.
Deven Choksey of KR Choksey Securities said, "The overall trend looks positive. One would not like to venture into aggressive buying at least on the index front but look at selective individual stocks that are likely to outperform the markets in the next 2-3 months."
profit.ndtv.com
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