Sensex Zooms 207 Pts; Bank, IT Stocks Shine

The 30-share index Sensex gained further ground as heavy buying action Sensex Zooms 207 Pts; Bank, IT Stocks Shine was witnessed across board.

BSE Midcap and Smallcap surged 0.93 % and 0.85% respectively.

At 1:57 p.m., the BSE Sensex, which had tumbled to 14,992.97 earlier in the day, gained 206.52 points at 15,280.06, while NSE Nifty stood at 4,577.45, up 59.90 points.

IT, banking and realty stocks, which turned a bit easy after a quite positive show earlier this morning, recovered strongly on account of good buying action.

Consumer durables, auto and metal stocks continued their positive run. Selected FMCG, PSU, pharma and power stocks also zoomed sharply. Some stocks from oil and capital goods segments also climbed up on heavy buying support.

The overall market breadth was quite positive as it saw 1543 progressions as compared to 1053 declinations.

Sterlite Industries, Tata Motors, HDFC, Mahindra & Mahindra and NTPC are up by 3% - 5% now. HDFC Bank, ONGC, Maruti Suzuki, Grasim Industries, Reliance Infrastructure, Satyam Computer Services and DLF have gained 2% - 3%. Infosys Technologies (1.8%), Jaiprakash Associates (1.7%), Tata Steel (1.65%), ITC 1.6%), ACC (1.45%), State Bank of India (1.35%), Hindalco (1.15%) and Larsen & Toubro (1%) are made impressive gains.

The stock, which made sharp gains included Dr. Reddy's Laboratories, GAIL India, HCL Technologies, Punjab National Bank, Ambuja Cements, Cairn India, SAIL, Sun Pharmaceuticals, Power Grid Corporation, Tata Communications, Nalco and Unitech.

In contrast, the stocks in the negative territory with sharp to moderate losses included Bharti Airtel, Ranbaxy Laboratories, BHEL, Tata Power, Reliance Petroleum, BPCL, Hindustan Unilever, Reliance Industries and Reliance Communications.