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Good news from Europe extends celebrations in Indian markets - Oct 28, 2011

October 28th, 2011

The Indian stock markets opened today after two days of holidays. And the mood on the bourses is still jubilant even after the Diwali, thanks to the good news from the Europe. The European Union’s bail out plan has earlier lead to the rally in the European and the US markets. The Asian markets traded strong too and the Indian markets followed suite when they opened with a huge gap up opening.

The markets are able to hold up to the huge gap up opening and didn’t lose patient all through the session till the closing. The BSE Sensex closed the day at 17804.80 gaining a whopping 515.97 points or 2.98%. The NSE NIFTY too had a good rally and closed at 5360.70 gaining 158.90 (3.05%). The gainers are into the midcap and the small caps. The CNX Midcap closed at 7239.80 adding 166.15 points (2.35%) while the BSE Smallcap closed a little below the 7k mark at 6959.73 gaining 60.58 points or 0.88%.

Large-cap stock rallies are so huge that some big names have hit 6% and 10% levels in trading session today. Leading gainers of the day include Hindalco (up over 10%), Reliance Infra (up over 9%), Sterlite Ind, DLF and Jaiprakash Asso (each up over 8%), Tata Motors, Jindal Steel, Tata Steel, ICICI Bank (each up over 7%), SAIL (up over 6%), Reliance Comm and HCL Tech (up over 5%), Dr Reddys Labs and Larsen (up over 4%), Ambuja Cements, BHEL, Kotak Mahindra, HDFC, Reliance Power and IDFC (up over 3%).

Not many losers in such a huge rally session but some select stocks that ended in the red include BPCL (down over 3%), Maruti Suzuki (down over 2%), Bharti Airtel, Ranbaxy Labs, Bajaj Auto (all marginally down).

Hydroelectricity generation company NHPC announced that its Q2 net profit rose 40% to Rs 966 cr. Net sales jumped 47.66% to Rs 1,831 cr. Stock gained Rs. 1.20 in trading today and closed at Rs. 24.85.

In a surprising move, Coal India is reported to be considering a 5% equity buyback. The Proposal is still at discussion stage. The stock closed at Rs. 338.20 gaining Rs. 9.30 or 2.83% amidst a volume of 8.67m shares traded.

Entry Filed under: Equity Markets