It was a strong rebound for the markets in late trade after choppy session for major part of the day since morning and broken losing streak of last three consecutive days. Recovery led by FMCG, technology, metal, banking, telecom and pharma stocks. The Sensex managed to end above 16500 and the Nifty above 4900. Midcap stocks also bounced back.
The Sensex closed at 16,525.37, up 1.53% or 249.78 points after hitting high of 16,563.30 and low of 16,217.78. The Nifty touched a high/low of 4926.90 and 4835.65, before ending the day at 4918.35, up 1.2% or 58.55 points. Market breadth was mixed, about 1421 shares have advanced, 1497 shares declined, and 191 shares remained unchanged.
Biggest gainers were Ambuja Cements (6.66%), ITC (6.19%), Hindalco (5.96%), TCS (4.46%) and Sun Pharma (5.99%) while losers - BHEL, L&T, ONGC, M&M, Cairn, Suzlon and Dr Reddy's Labs.
The BSE Midcap was up 1.12% at 6,753.53 led by National Fert, Chambal Fert, Nagarjuna Fert, Mphasis, GSFC, Spice Comm, GNFC, Emami, Balaji Telefilm and HT Media, which were up over 7.5%. The BSE Small Cap rose 0.33% at 8,237.09.
ITC was the star performer, gained over 6% as there is news that distributor says ITC hiked cigarette prices by 5-10%. FMCG Index jumped 4.19% to end at 2,443.68. Other gainers were United Spirits, Dabur India, Colgate, Nestle, GSK Cons, HUL, P & G and Godrej Consumer.
Cement stocks were also in focus on partial removal of export ban. Ambuja Cements, ACC and India Cements gained.
Banking stocks like Axis Bank, Kotak Mahindra, PNB, Union Bank, SBI, Yes Bank, Bank of Baroda, Canara Bank and HDFC Bank have gained smartly. Bankex shot up 2.31% or 178.86 points at 7,933.50.
BSE IT was up 2.61% or 116.02 points at 4,566.42 due to buying in Mphasis, TCS, Satyam, Wipro, HCL Tech, Infosys, Patni Computer and Tech Mahindra.
Metal stocks including Hindalco, Tata Steel, Ispat Industries, NALCO, Sesa Goa, JSW Steel and Sterlite Ind have surged. Metal Index closed at 16,649.65, up 378.88 points or 2.33%.
Telecom stocks like Spice Comm, Tata Comm, Bharti Airtel, Tata Teleservices, Idea Cellular and MTNL also surged higher.
Healthcare Index increased by 1.72% at 4,320.08 as rally seen in Sun Pharma, Apollo Hospital, Glenmark, Nicholas Piramal, Sterling Bio, Aventis Pharma, Dishman Pharma, Aurobindo Pharm and Biocon.
Auto stocks like Hero Honda, Maruti Suzuki, Escorts, TVS Motor, Ashok Leyland, Hind Motors and Tata Motors ended higher. Auto Index was up 0.58% at 4,562.03.
Oil & Gas Index gained marginally by 0.65% at 10,777.91. Buying seen in GAIL, BPCL, RNRL, Reliance, Petronet LNG, HPCL and IOC.
However, capital goods stocks remained weak through the day. Index lost 1.66% or 212.23 points at 12,571.91 due to selling in Jyoti Structures, Crompton Greaves, Alstom Projects, BHEL, Suzlon Energy, Bharat Bijlee, Bharat Elec, Areva T&D and L&T.
Most active counters on the bourses were Chambal Fert, Bajaj Finserv, Reliance and ICICI Bank.
Total turnover traded by markets stood at Rs 75109.24 crore including Rs 13367.22 crore from NSE Cash segment, Rs 56333.67 crore from NSE F&O and the balance Rs 5408.35 crore from BSE Cash segment.
On the global front, Asian markets ended mixed; Nikkei, Taiwan plunged over 1% while Shanghai shot up nearly 2.5%. European markets were trading strong at the time of writing market report.
Markets
Wednesday, May 28, 2008
truth wins
: Neelam Katara, mother of the murder victim Nitish Katara, on Wednesday termed the trial court judgement convicting prime accused Vikas and his cousin Vishal Yadav in the case as a "milestone" and hoped that it would ensure that no other person would meet the fate of her son.
"This is a milestone case and I believe this (judgement) would ensure no other son of any mother would meet such a fate (as that of her son)," she said, in her reaction to the court's verdict.
She also said that her faith in the judiciary has been strengthened with the judgement.
"My faith in the judiciary have been vindicated and strengthened with the verdict. Now I am feeling a sense of relief and am grateful to God," she told reporters outside the courtroom in the Patiala House courts here.
The victim's younger brother Nitin Katara attributed the judgement to her mother's relentless fight for justice.
"I believe he (Nitish) died for love. He died for freedom of expression, he died for that school of thought...in our generation that we are allowed to make a choice and stand by it and that belief has been vindicated today by this decision."
On being asked why she stayed away from the trial for so long, he said my mother was the big force fighting for justice and I did not want to be a distraction for her. "My mother is my God," he said.
However, G K Bharti, counsel for Yadavs, said "it seems that the trial court has given this verdict under some pressures from some quarter."
On the contrary, Special Public Prosecutor B S Joon said that in view of the evidence, he had firm belief since the very beginning that it was accused who had committed the offence.
"In my mind, it was always there that Vikas and Vishal have committed the gruesome crime and they cannot evade the conviction for their act, and you all saw and heard it today what the court had delivered," he said, adding that justice has finally been delivered.
"This is a milestone case and I believe this (judgement) would ensure no other son of any mother would meet such a fate (as that of her son)," she said, in her reaction to the court's verdict.
She also said that her faith in the judiciary has been strengthened with the judgement.
"My faith in the judiciary have been vindicated and strengthened with the verdict. Now I am feeling a sense of relief and am grateful to God," she told reporters outside the courtroom in the Patiala House courts here.
The victim's younger brother Nitin Katara attributed the judgement to her mother's relentless fight for justice.
"I believe he (Nitish) died for love. He died for freedom of expression, he died for that school of thought...in our generation that we are allowed to make a choice and stand by it and that belief has been vindicated today by this decision."
On being asked why she stayed away from the trial for so long, he said my mother was the big force fighting for justice and I did not want to be a distraction for her. "My mother is my God," he said.
However, G K Bharti, counsel for Yadavs, said "it seems that the trial court has given this verdict under some pressures from some quarter."
On the contrary, Special Public Prosecutor B S Joon said that in view of the evidence, he had firm belief since the very beginning that it was accused who had committed the offence.
"In my mind, it was always there that Vikas and Vishal have committed the gruesome crime and they cannot evade the conviction for their act, and you all saw and heard it today what the court had delivered," he said, adding that justice has finally been delivered.
Neelam Katara, mother of the murder victim Nitish Katara, on Wednesday termed the trial court judgement convicting prime accused Vikas and his cousin Vishal Yadav in the case as a "milestone" and hoped that it would ensure that no other person would meet the fate of her son.
"This is a milestone case and I believe this (judgement) would ensure no other son of any mother would meet such a fate (as that of her son)," she said, in her reaction to the court's verdict. ( Watch: ‘My son has finally got justice’ )
She also said that her faith in the judiciary has been strengthened with the judgement.
"My faith in the judiciary have been vindicated and strengthened with the verdict. Now I am feeling a sense of relief and am grateful to God," she told reporters outside the courtroom in the Patiala House courts here.
The victim's younger brother Nitin Katara attributed the judgement to her mother's relentless fight for justice.
"I believe he (Nitish) died for love. He died for freedom of expression, he died for that school of thought...in our generation that we are allowed to make a choice and stand by it and that belief has been vindicated today by this decision."
On being asked why she stayed away from the trial for so long, he said my mother was the big force fighting for justice and I did not want to be a distraction for her. "My mother is my God," he said.
However, G K Bharti, counsel for Yadavs, said "it seems that the trial court has given this verdict under some pressures from some quarter."
On the contrary, Special Public Prosecutor B S Joon said that in view of the evidence, he had firm belief since the very beginning that it was accused who had committed the offence.
"In my mind, it was always there that Vikas and Vishal have committed the gruesome crime and they cannot evade the conviction for their act, and you all saw and heard it today what the court had delivered," he said, adding that justice has finally been delivered.
"This is a milestone case and I believe this (judgement) would ensure no other son of any mother would meet such a fate (as that of her son)," she said, in her reaction to the court's verdict. ( Watch: ‘My son has finally got justice’ )
She also said that her faith in the judiciary has been strengthened with the judgement.
"My faith in the judiciary have been vindicated and strengthened with the verdict. Now I am feeling a sense of relief and am grateful to God," she told reporters outside the courtroom in the Patiala House courts here.
The victim's younger brother Nitin Katara attributed the judgement to her mother's relentless fight for justice.
"I believe he (Nitish) died for love. He died for freedom of expression, he died for that school of thought...in our generation that we are allowed to make a choice and stand by it and that belief has been vindicated today by this decision."
On being asked why she stayed away from the trial for so long, he said my mother was the big force fighting for justice and I did not want to be a distraction for her. "My mother is my God," he said.
However, G K Bharti, counsel for Yadavs, said "it seems that the trial court has given this verdict under some pressures from some quarter."
On the contrary, Special Public Prosecutor B S Joon said that in view of the evidence, he had firm belief since the very beginning that it was accused who had committed the offence.
"In my mind, it was always there that Vikas and Vishal have committed the gruesome crime and they cannot evade the conviction for their act, and you all saw and heard it today what the court had delivered," he said, adding that justice has finally been delivered.
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