Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Stocks resumed their upward climb on Thursday as traders beat back a 2-day decline in prices and investors focussed their buying energies on large cap software companies in anticipation of a potential buyback by managements.
The Nifty rose 26 points to 8,751 points in the first two hours of trade on the National Stock Exchange. The index continues to consolidate near 4-month highs in the absence of fresh buying momentum.
Here are the major events of the trading day:
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* Sun Pharma, Tata Motors, Infosys, and Tech Mahindra rose 1.5-2.3 per cent and were among 34 shares advancing on the Nifty.
* ICICI Bank, BPCL, ITC, Adani Ports and Dr. Reddy's fell 1.2-2.1 per cent and were among 14 stocks to fall on the Nifty.
* India's most valuable company, Tata Consultancy Services, rose 1.1 per cent to 2.440 rupees and was the top traded stock by value, with Rs.264 crore worth of shares changing hands on expectations that the parent Tata group will announce a buy back of shares in its board meeting to be held on February 20.
* Tata Motors, State Bank and Reliance Industries were also in heavy demand.
* Jindal Steel & Power, South Indian Bank and State Bank were on the list of most actively traded shares.
* The trend was positive in the broader market with the Nifty 100, 200 and 500 indices rising 0.3 per cent and the mid cap and the small cap benchmarks adding 0.7-1.1 per cent.
* Mixed directions were seen in the sectoral segment with PSU banks, Realty shares, software companies and Auto stocks rising smartly. Bit selling was seen on FMCG, Media and private banking stocks.
* The Sensex rose 54 points to 28,209 points on the Bombay Stock Exchange. Sun Pharma was the top gainer while ITC lost the most. State Bank was the top traded share by value on the Sensex.
* The mood was bullish in the wider market with 1,089 shares rising compared to 479 that declined.
* Sentiment was equally robust in the futures market with 149 futures rising versus just 30 that fell. Realty futures dominated the speculative buying side in the derivatives segment.
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