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Rediff News  All News  » Business » Markets surge on global cues, up 561 pts

Markets surge on global cues, up 561 pts

May 10, 2010 16:18 IST

The markets on Monday showed a spectacular performance with the Sensex ending up 561points at 17,330 on the back of strong global vibes and gain in metal scrips. In broader markets, the Nifty moved up 175 points to end the day at 5,193 levels.

The Sensex started the week on an extremely bright note at 16,799, tracking strong Asian cues after the European Union agreed on a huge rescue package for Greece. The European Central Bank will be buying government bonds in the secondary market to support the program.

The benchmark index managed to cross the psychological 17,000-mark owing to strength in metal stocks. It extended gains around noon on the back of Indian metrological department's prediction that monsoon is likely to hit the coast by the first week of June. A firm opening of European bourses also helped the Indian counterparts.

Among individual scrips, Reliance Industries continued its upward march today with the counter surging 4.5% to Rs 1,080 and contributed 108 points to the gain. RNRL, on the other hand slipped 5% to Rs 50.

The market breadth was positive, out of 2,965 shares traded, 2,255 advanced and 621 declined so far on the BSE.

The BSE midcap and the smallcap indices advanced around 3% each.

Among the sectoral indices barring healthcare index all the indices ended in green. The BSE realty and the metal indices zoomed 6% each. Unitech and HDIL advanced 8% each to Rs 79 and Rs 256, respectively on the realty index.

JSW Steel and Tata Steel were the major gainers, up 8% on the metal index.

Index gainers...

Reliance Infrastrcuture zoomed 8.5% to Rs 1,062. It was followed by Tata Steel and Hindalco Industries, up 7.5% each on the BSE. The other major gainers were Tata Motors, DLF, Sterlite Industries, Mahindra & Mahindra, Wipro and ICICI Bank, up 5-7% each.

...and the losers

While Cipla was the only major loser, down 6.5% at Rs 320.

Value & volume toppers

RNRL topped the value chart on the BSE with a turnover of Rs 165.82 cr, followed by Reliance (Rs 151.13 cr), Tata Steel (Rs 133.66 cr), Sesa Goa (Rs 74.62 cr) and Jaiprakash Associates (Rs 72.50 cr).

The volume chart was led by RNRL with trades of over 33 million shares, followed by debutant, Talwalkars Fitness (18.48 million), Filmcity Media (14.53 million), Birla Power (8.96 million) and Suzlon (5.98 million).