Market ends on a merry note on the eve of xmas

After witnessing huge sell off in the last week, today the Indian Stock market opened on a strong note, with Sensex at 19,308.20, up 145 points. The market saw huge jump due to the positive news from the Global market and Gujarat assembly result.

For the third consecutive time, BJP has won the election in Gujarat. The election result had a positive effect on the market as well as on the Gujarat based companies, which opened on a strong note.

Sensex continued to trade strong for the rest of the session after opening at 19,308.20 and witnessed strong buying pressure across the board especially in IT Stocks, which is facing the pain of rupee appreciation. It gained 6.04% or 260.98 points as compared to 3.34% on Thursday (December 20). Wipro and Infosys led the IT stocks higher.

The BSE Benchmark finally closed with a gain of 691.55 points. On last Monday (December 17) it saw the single biggest day fall and lost 769.48 points.

Market Statistics

BSE Sensex gained 691.55 points, or 3.61%, to close at 19,854.12, while the broad-based NSE Nifty closed at 5,985.10, up 218.6 points, or 3.79%.

The BSE Midcap gained 2.06% and BSE Small cap advanced 2.06%.

Out of the total 2,937 stocks traded at the BSE, 1,966 advanced, 941declined, while 30 remained unchanged.

Amongst the sectoral indices, Metal rose 3%, FMGC gained 0.92%, Capital goods up 2.66%, Power gained 3.37%, Bankex gained 3.38%, IT gained 6.04% and Realty gained 1.79%.

Global Markets

Asian stocks closed positive (Dec. 24, 2007) after reports emerged that consumer spending in the U.S market increased more than the estimated. Hong Kong`s index Hang Seng gained 501.88 points, or 1.82%, and China`s Shanghai Composite gained 132.48 points, or 2.60%.

Movers and Shakers

Wipro rose 8.86% to Rs 535.30, followed by Infosys, which rose 6.63% to close at Rs 1,810.90 and HDFC gained 6.33% to Rs 2,897.35. Other gainers were Satyam, REL and Bharti Airtel.

Laggards at the BSE Sensex were Bajaj Auto, which declined 2.85% to close at Rs 2,712.95, Maruti Suzuki declined 0.18% to Rs 990.15 and ACC declined 0.08% to Rs 1001.25. There were no other losers.

Top Volumes

Ispat Industries topped the volume chart with 13,418,726 shares followed by Reliance Petroleum with 6,095,589 shares and Power Grid with 3,141,456 shares.

Top Turnover

REL topped the turnover chart with Rs 24,29.50 million followed by RIL with Rs 1,319.1 million.