Mumbai: The Sensex on Thursday rose 192.27 points, to close at 16,643.74, supported by index heavyweights ICICI Bank, L&T and Reliance; while the Nifty closed above an important psychological 5,000 mark - for the first time since December 7, 2011, aided by positive global cues. The Nifty moved up 62.6 points, to end at 5,018.40. Banks, metals, oil & gas, power and auto stocks led Thursday's rally.
Looking at the positive momentum globally, the market seemed to be closing on a strong note for the third consecutive week on Friday. Dipan Mehta, Member BSE and NSE would attribute this rally more to the way global markets have performed and the kind of risk coming off.
"It is a risk on trade which has been taking place in the new year and we are clearly the beneficiaries of that particular trend," he said.
Global markets gained on talks that IMF is raising an additional $600 billion and better than expected numbers from Goldman Sachs for Q4 too helped the improved sentiment. Asian markets closed with 0.6-1.3 per cent gains. European markets were stable; CAC rose half a percent after France sold 1.58 billion Euro of July 2015 bond at an average yield of 1.51 per cent today.
Back home, the BSE Realty Index outperformed other sectoral indices, rising 3.5 per cent. Metal, Power and Bankex were up 2-3 per cent. Auto, Oil & Gas, Pharma and Capital Goods indices moved up 1-1.4 per cent.
Power stocks were the stars today, especially after top power companies' CEOs met Prime Minister Manmohan Singh yesterday for problems (like coal shortage etc) in the power sector. PM formed committee of secretaries on power sector and he set 30-60-90 days targets to push power sector growth. NTPC rallied 4 per cent; Reliance Infrastructure shot up 10 per cent and Tata Power jumped 6 per cent.
Metals stocks too were on buyers' radar; Sterlite surged 7 per cent; Hindalco gained 5 per cent; Tata Steel, Coal India and Jindal Steel were up 1.5-3 per cent.
ICICI Bank was the leading stock among Sensex 30, rising 3.5 per cent; HDFC, SBI and HDFC Bank moved up 1-1.5 per cent. HDFC Bank reported better than expected growth of 31.4 per cent in third quarter profit of Rs 1429 crore YoY.
Two wheeler majors retained their gains post third quarter results. Hero Motocorp gained 2.4 per cent; the company's net profit went up 43 per cent to Rs 613 crore in third quarter year-on-year. Bajaj Auto rose nearly 1 per cent, though the company's Q3 net moved up lower-than-expected 19 per cent at Rs 795 crore YoY.
Index heavyweights and oil & gas majors Reliance Industries and ONGC rose 1-1.4 per cent. In the capital goods space, L&T jumped 2.5 per cent while BHEL tumbled 2.7 per cent.
Among other largecaps - Infosys and Bharti lost over 0.7 per cent; ITC and HUL were down 0.2 per cent.
The broader markets like BSE Midcap and Smallcap indices were up over 1.2 per cent.
In the second line shares, VIP Industries, HDIL, Pantaloon Retail, Ashok Leyland and Voltas rallied 8-11 per cent.
In the smallcap space, GTL shot up 16.5 per cent. Tree House, Sundaram-Clayton, Den Networks and Ahluwalia jumped 9-13 per cent.
The market breadth was positive; about two shares advanced for every share falling on the BSE.
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