Wednesday, December 14, 2005
Banks, cement counters lead the charge
Crisil Marketwire / Mumbai December 14, 2005
The Sensex and Nifty on Tuesday ended at record closing highs led by select banking, cement and automobile shares. Players attributed part of the gains to the monthly review by the Centre for Monitoring Indian Economy, which revised its forecast for real gross domestic product growth for 2005-06 to 7.6 per cent from 6.8 per cent.
The Bombay Stock Exchange's 30-share Sensex ended at 9263.90, up 130.23 points, 1.4 per cent from Monday.
The National Stock Exchange's 50-share Nifty ended at 2812.30, up 36.10 points or 1.3 per cent.
Intra-day, the Sensex and Nifty recorded lifetime highs of 9274.19 and 2815.30 respectively.
"The market doesn't have a reason to witness any major fall, barring a few minor corrections at crucial resistance levels. There has been a decent amount of foreign fund inflows and there are no major worries at the macro level either," said a dealer at a local brokerage.
However, the BSE saw losers outnumber gainers 1333 : 1155. In the A group, 61 per cent shares rose, while in B1 and B2, 55 per cent and 51 per cent of the shares fell, respectively.
Investment bank Morgan Stanley on Tuesday said that it saw the next crucial resistance for the Sensex, beyond the 9250-9275 level, at 9540 with an interim resistance at 9405.
Tata Motors, up 6 per cent at Rs 626.30, followed by Associated Cement Company, up nearly 6 per cent at Rs 558.50, led the Nifty gainers.
Banking majors State Bank of India, Punjab National Bank and HDFC Bank and auto leaders Mahindra & Mahindra and Maruti Udyog rose over 1 per cent each.
Reliance Energy, Tata Power, Hindustan Petroleum Corporation and Cipla were each down marginally.
The CNX Midcap Index also saw a new lifetime high of 3975.60, before settling at 3972.40, up 1.04 per cent from the previous close.
Bajaj Hindustan was the top mid-cap gainer, up nearly 20 per cent at Rs 284.35. Exide Industries and Bombay Dyeing and Manufacturing Company fell 3 per cent each.
ABG Shipyard, which debuted on the BSE on Tuesday, ended at Rs 272.40, up 47.24 per cent over its initial public offer price of Rs 185.