Indian markets wiped out the 3.2% decline it witnessed in the past week as bulls cheered stronger than anticipated GDP growth data. Bulls dominated the proceedings on the bourses, extending gains to a second straight session.
Today’s strong run could be attributed to firm cues from the global equity markets. Global stocks rose as the Bank of Japan introduced measures to revive lending and Asian economic data signaled a recovery. The yen fell the most in a month on speculation that the central bank will intervene to curb gains.
In addition, the accelerating monthly auto sales numbers lifted sentiment.
Interest rate sensitive stocks were in demand with the Realty and the Auto stocks among the top gainers. Pharma and Oil & Gas stocks also ended with smart gains. Mid-Cap and the Small-Cap stocks too attracted some buying.
The BSE Sensex surged 272 points at 17,198 after touching a high of 17,218 and a low of 16,967. The index opened at 17,218 against the previous close of 16,926. The NSE Nifty was up 89 points to shut shop at 5,122.
In Asia, the Nikkei in Japan was up 2.5%, while Australia's S&P/ASX ended higher by 0.4%. Shanghai SE Composite in China gained 1.2% and Hang Seng index in Hong Kong was up 1.3%.
In Europe, stocks were in the green. The FTSE in the UK was up 1.7%, The DAX in Germany was up 2% and the CAC 40 index in France gained 2%.
Coming back to India, among the BSE sectoral indices, the realty index was the top gainer, adding 6%, followed by the Auto index that was up 3% and the BSE Pharma index was up 2.5%.
The BSE Mid-Cap index gained 1.7% and the BSE Small-Cap index was up 2.1%.
Among the 30-components of Sensex, 27 stocks ended in the green and only HUL, BHEL and ONGC ended in the negative terrain. Among the major gainers were Tata Motors, Sun Pharma, DLF, M&M, Reliance Industries and Sterlite.
Outside the frontline indices, the big gainers in the broader market were Jet Airways, JP Hydro, Yes Bank, Moser Baer and United Phos. On the other hand, losers included Jain Irrigation, Shriram Transport and Marico.
Stocks like Kiri Dyes, Omnitech, Ksera sera, Deep Industries and Noida Toll Bridge were among the other notable gainers.
Mahindra & Mahindra sold 22,587 vehicles in November, compared with 11,515 registering a growth of 96% on a yoy basis. Shares of M&M gained by 5% to Rs1078, the scrip opened at Rs1036 it touched an intra-day high of Rs1090 and a low of Rs1035 and has recorded volumes of over 0.25mn shares on BSE.
Maruti Suzuki sold a total of 87,807 vehicles in November 2009. This includes 11,448 units of exports. The company had sold 47,704 vehicles in the domestic market in November 2008. November 2008 was exceptionally low sales month, due to impact of economic slowdown.
The 60.1% domestic sales growth in November 2009 is calculated on a low base of November 2008 when the industry was in the midst of worst ever slowdown.
The stock gained 1.7% to Rs1588. It opened at Rs1580 hitting an intra-day high of Rs1608 and intra-day low of Rs1568 recording volumes of 0.17mn on BSE.
TVS Motor posted 23% growth in November 2009, registering total two wheeler sales of 120,844 units against 98,402 units in the corresponding period of the previous year.
Domestic sales of the company witnessed a quantum increase in sales positing growth of 38% recording 106,836 units in November 2009 as against 77,491 in the corresponding period of the previous year.
The stock gained 0.5% to Rs57.45. It opened at Rs58 hitting an intra-day high of Rs58.5 and intra-day low of Rs57 recording volumes of 0.28mn on BSE.
Sterlite Technologies received over Rs6bn in new contracts for its telecom and power products, from prominent incumbents in India and Africa.
Based on the delivery schedules required by its clients, over 30% of the cumulative contract value would be executed within FY10 and the balance within H1 FY11. The total order book of the company stands at ~Rs20.50bn as on November 30, 2009.
Shares of Sterlite Technologies shot up by over 5% to Rs326. The scrip opened at Rs310 it touched an intra-day high of Rs334 and a low of Rs310 and recorded volumes of over 0.4mn shares on BSE.
Peninsula Land secured a receipt of Rs2.75bn from Alok Realtors Private Limited in connection with sale of 6.41 lacs sq. ft. at Peninsula Business Park. The Company has received a further sum of Rs1.6bn from Alok Realtors Private Limited for the said sale at Peninsula Business Park.
Till date, Peninsula Land Limited has received a sum of Rs6.25bn against the total deal consideration of Rs11bn. As on date, the total cash equivalent with Peninsula Land Limited is Rs6.85bn.
Shares of Peninsula Land gained by 4.5% to Rs81. The scrip opened at Rs78.8 it touched an intra-day high of Rs82.65 and a low of Rs78.50 and recorded volumes of over 0.17mn shares on BSE.
Jubilant Organosys, through its subsidiary Jubilant Biosys in Bangalore announced that its 4 year old research collaboration with Eli Lilly has successfully delivered multiple discovery milestone and pre-clinical candidates, resulting in a 5 year extension and expanded portfolio collaboration.
Under the terms of the new 5 year agreement Jubilant will receive research funding and success-based discovery and development milestones.
Shares of Jubilant Org gained 3% to Rs310. The scrip opened at Rs305 it touched an intra-day high of Rs317 and a low of Rs298 and recorded volumes of over 0.35mn shares on BSE.