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Markets have a big-bang rally; Sensex above 19k

Last updated on: September 13, 2010 16:18 IST

Markets have a big-bang rally; Sensex above 19k

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BS Reporter in Mumbai

It was a spirited show by the markets.

The Sensex touched 19k for the first time since January 2008, bolstered by a better-than-expected industrial production numbers in July and continued strength on the global front.

The BSE benchmark infact surpassed the 19k mark at the very onset of the trading session and sprinted thereafter to wrap up at the highs of the day. The BSE Sensex ended at 19208, higher by a whopping 408 points or 2.1% and the Nifty ended at 5760, up 119 points.

In what was a reversal of sorts, the midcap and smallcap indices underperformed the benchmark indices to end higher by 0.7% and 0.2% at 8112 and 10271 respectively.

The day clearly belonged to the banking stocks, led by heavyweights such as SBI and ICICI. The oil space and the high-beta realty and metal packs also partook in the honours.

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Image: The Bombay Stock Exchange.

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Indian industry began the second quarter on a strong footing, clocking 13.8% growth in July.

The growth rate -- the highest in two months -- exceeded market expectations of moderation to 7.8%.

It was driven by a strong showing by the manufacturing sector, particularly the capital goods segment.

Banking stocks have pushed the index higher in morning trades as investors heaved a sigh of relief on less stringent capital norms.

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Image: Bull and bear.

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Markets have a big-bang rally; Sensex above 19k

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BSE bankex has jumped 3% to 13,373.

Asian markets were trading strong this morning.

The Hang Seng and Taiwan Weighted have rallied 2% each to 21,656 and 8,043, respectively.

Nikkei added 1.5% to 9,377 early on Monday.

OIl & gas and PSU indices were up around 1.4% each at 10,323 and 10,180, respectively.

SBI was the top gainer among Sensex stocks -- jumping 4.5% to Rs 3,115. ICICI Bank surged 4% to Rs 1,091. HDFC Bank has gained 1.2% at Rs 2,268 during morning trade.

HDFC and Reliance Infrastructure added 2.5% each to Rs 647 and Rs 1,035, respectively.

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Market heavyweight, Reliance, advanced 2% to RS 975. ACC, ONGC, Tata Power and Hindalco are some of the other prominent gainers during morning trade on Monday.

However, Reliance Communications and Wipro were trading marginally in red.

BSE market breadth was positive. Out of 2,714 stocks traded, 1,934 advanced while 699 declined.


Image: A bronze replica of a bull is seen at the gates of the Bombay Stock Exchange.
Photographs: Arko Datta/Reuters
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