(RTTNews) - Monday, the Indian market ended sharply up, even as it pared some of its gains towards close of the session. The market mood remained buoyant all through the day after the Nuclear Suppliers Group on Saturday lifted a 34-year-old embargo on nuclear trade with India. Additionally, strong gains in the Asian and the European markets triggered fresh buying in the Indian market. Meanwhile, a breakthrough in the impasse over the two-year old Singur crisis and an announcement by the U.S. government to take control of the two government-sponsored mortgage lenders, namely Fannie Mae and Freddie Mac also boosted investor sentiment.

After trading in a narrow range of 15,107-14,917, the BSE Sensex finished off day’s high at 14,945, up 461 points or 3.18% over Friday’s close. The small-cap index gained 1.12%, the mid-cap index rose 1.15% and the broad-based BSE 500 index added 2.44%. Meanwhile, the S&P CNX Nifty ended at 4,482, up 130 points or 2.99%.

On the BSE, market breadth was positive, with 1659 stocks gaining compared to 1036 stocks that declined. Sensex futures ended at a premium of 75 points to the benchmark. Stocks across the board, except stocks of consumer good companies, ended in the green. Banking, capital goods, power and realty stocks were the top gainers.

Banking and realty stocks rose as concerns over inflationary pressures eased after the wholesale inflation showed a declining trend in the last two weeks. Power and capital goods stocks gained sharply after the Nuclear Suppliers Group meeting approved a clear waiver to India on Saturday. Sugar stocks attracted fresh buying on hopes of better price-realization ahead of the festival season.

Telecom stocks were in demand ahead of a crucial meeting of the officials of department of telecommunications (DoT) on Monday to consider sharing of spectrum between mobile operators. Additionally, the DoT has initiated the 3G auction process by convening a pre-bid conference on Monday for both Indian and foreign companies.

Sterlite Industries (up 5.88%), ICICI Bank (up 4.89%), State Bank of India (up 4.81%), Larsen & Toubro (up 4.63%), NTPC (up 4.58%), HDFC Bank (up 4.27%), HDFC (up 4.20%), Reliance Infrastructure (up 4.19%), Tata Motors (up 3.93%), ITC (up 3.64%), DLF India (up 3.56%), BHEL (up 3.40%), Jaiprakash Associates (up 3.22%), Ranbaxy Laboratories (up 3.14%) and Satyam Computers (up 3.05%) were among the major gainers.

Stocks in News

Essel Propack closed up 0.19% after the company acquired a 74% stake in US based Medical Engineering & Design of Minneapolis in an all cash deal through its US subsidiary Tacpro Inc. Tech Mahindra rose 1.85% on reports that private equity firm Kohlberg Kravis Roberts & Co is eyeing BT Group’s 31% stake in the company.

Oil and Natural Gas Corporation added 2.74% following reports the company plans to invest Rs.6000 crore for generating wind energy equivalent to 1,000 megawatts. Aurobindo Pharma gained 2.20% after the company secured a tentative approval from US Food & Drug Administration to manufacture and market Abacavir Sulphate/Lamivudine tablets. Suzlon Energy spurted 4.06% after the company said it has successfully completed its 51 MW wind power project for Oil and Natural Gas Corporation of India.

Valiant Communications soared 9.73% after the company’s board of directors approved to buyback its equity shares. S Kumars Nationwide finished up 1.18% over reports the company will buy an Italian shirt company for 75 million euros by the end of September. Patels Airtemp India declined 0.60% even as the company secured new orders worth Rs.16.09 crore for shell and tube heat exchangers for Essar Oil refinery project in Gujarat

Hotel Leela Venture gained 3.41% on reports the company will add seven new luxury hotels in the next three to five years. Dolphin Offshore Enterprises was locked at the upper circuit limit of 20% after the company bagged two contracts worth Rs.304 crore from ONGC. Pratibha Industries spurted 5.44% after the company secured new contracts worth Rs. 44.75 crore from Delhi Jal Board for its water transmission program. ICSA India gained 4.13% after the company bagged two orders worth Rs.236.14 crore from two different clients.

Amara Raja Batteries ended down 0.08% after the company fixed October 15 as the record date for a bonus issue to its shareholders. Sanwaria Agro Oils gained 0.46% after the company fixed September 30 as the record date for the purpose of issue of bonus shares in the ratio of one share for every share held by its shareholders. Hercules Hoists added around 8% after the company fixed September 24 as the record date for a stock-split issue. Ugar Sugar Works spurted 6.42% after the company fixed September 29 as the record date for a rights issue to its shareholders.

Pearl Polymers ended down 0.64% even as the company commenced commercial production at its new plant set up at Pant Nagar. Simbhaoli Sugars rose 4.99% after the company proposed to set up a subsidiary company outside India for trading of sugar and other related commodities in the overseas market. IFB Agro Industries gained 2.83% after the company proposed to allot 3,00,000 equity shares of the company on a preferential basis and to consider merger proposal of the group companies.

Asian Markets

Markets across the Asia-Pacific ended mostly higher. Japan’s Nikkei 225 index advanced 3.38%, Hong Kong’s Hang Seng index spurted 4.32% and South Korea’s KOSPI Composite index soared 5.15%, while China’s Shanghai Composite index declined 2.68%.

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Posted in Categories: Eurozone, Japan, Releases, Stocks, USA.

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