Spectacular Rally in Indian Markets

Nifty above 3400; IT, metal, auto, capital goods surge

Courtesy : Money Control 

At 15:02 hours IST, upsurge in technology, metal, auto, capital goods, select power and banking stocks and in Reliance Industries was helping the benchmark indices to remain on the higher side. But the indices were witnessing selling pressure at higher levels due to weakness in Bharti, Sun Pharma, HDFC, Unitech, HDFC Bank, ABB, BPCL, Idea and HCL Tech.

The Sensex went up 265 points, to 11,082 and the 50-share NSE Nifty rose 80 points, to 3,411, at 15:02 hours IST. Broader indices were gained 0.4-0.8%.

Market breadth was mixed. About 1482 shares advanced while 1471 shares declined. Nearly 152 shares were unchanged.

BSE IT Index was up 4.5%, as Wipro, Tech Mahindra, Infosys and TCS were up 3-8%.

Auto stocks like Ashok Leyland surged 12.75%; Amtek Auto, Maruti Suzuki, Hero Honda, M&M and Tata Motors rose 3-9%. BSE Auto Index gained 3.5%.

Siemens, L&T and BHEL surged 1.7-3% in the capital goods space; respective Index was up 2%.

Tata Steel, JSW Steel, JSL, Sterlite, SAIL, Jindal Steel, Hindustan Zinc and Hindalco shot up 2-6%. BSE Metal Index went up 4%.    Among other indices, Bank, Realty, Oil & Gas and Power indices gained 1.9-2.7%.