Friday January 4, 03:30 PM
Bourses rocket at close... |
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By Equitymaster.com
Index pivotals led by Reliance (RELI.BO, news) skyrocketed in the closing hours. As a result, the Sensex closed at nearly 3,400 levels. The petering down of Indo-Pak war concerns has had a positive effect on the market sentiment. TCS winning a large order perked hopes for the IT sector.
The BSE Sensex closed at 3,388 (up 80 points) and the NSE Nifty closed at 1,097 (up 25 points). The rupee was trading at Rs 48.27 per US dollar.
Reliance Industries perked up over 9% led by diminishing war prospects between the two neighbours. Reliance plants are located near the border areas (read Gujarat). The stock single handedly added over 43 points to the Sensex tally. The other group company RPL too gained. However, some market circles also opine that Reliance could have perked up in line with the whole market. There is also the view that the rally in the counter could be operator driven.
Infosys, Satyam, NIIT, Wipro (WIPRd.BO, news) , GTL, Zee, HFCL, HCL (HCLL.BO, news) Info, HCL Tech and Pentamedia were among the top traded scrips. Out of these, only GTL was in the red. All others gained. Infosys and Satyam led from the front. These software majors are expected to declare results in the next couple of weeks.
With TCS bagging a large order (US$ 40 m), anticipation of better times for the software sector seems to be looming in the eyes of investors. However, market circles warn that the rally could be operator led and local operators may be building positions ahead of the foreign fund allocations for India.
Cement companies too performed well with change in the market sentiment. ACC led from the front. Guj Ambuja and L&T too gained. Other prominent gainers included SBI, Colgate (COLGd.BO, news) , HLL, Balaji Tele, Sun Pharma (SUN.BO, news) , VSNL, Shipping Corporation, Indian Hotels and Tisco. Otherwise, FMCG, commodities, banks, pharma and FIs were lacklustre.
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