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Markets end the day retaining gains; rally story continues - March 22, 2007 - Closing Bell

March 22nd, 2007

What haunted for the past few weeks seems to have ended. At east a section of traders and investors who put their money into Indian stock markets feel so. Bulls took over the bears all indices closed in positive. The stock markets which opened the day at a good higher levels continued to gain points as trades progressed. What is important is that the markets closed the day retaining the early gains unlike in the past few days where the last few hours of trade used to spoil the play.

The Sensex added 362.15 points to close at 13,308.03 (+2.8%). The Midcap and Small cap index closed +1% while BSE 100, BSE 200 and BSE 500 closed with over +2%. In the BSE Sectoral indices, Bankex crawled to add 4% followed by CG and Auto.

Bank of India (+12%), VSNL (+10%), Canara Bank (+8%), Tata Chemicals (+7%), PNB, Bank of Baroda, OBC, BHEL (all +6%) and HDFC Bank, Hinduja TMT (both +5%) topped todays BSE charts.

The story is similar on the NSE too. The S&P CNX Nifty moved to 3875.90 gaining 111.35 points (+2.96%) over previous close. Bank Nifty moved to 5554.75 adding 5% in points.

VSNL (+10%), PNB, OBC, HDFC Bank (+6%), BHEL, Hero Honda, Maruti, ONGC (all +5%), Siemens, SBI (both +4%).

CNX IT Gainers of the day are Hexaware, HTMT (+5%), Satyam Computers (+3%), TCS and Wipro (both +2%). Indian IT majors Satyam, TCS and Wipro closed in the green. TCS opened the day at 1277 on NSE, reached an intraday high of 1307 and intraday low of 1277 to close at post 1300 mark at 1303.05. HCL Tech and its peer HCL Insys became more weaker today. HCL Insys lost 3.04% while HCL Tech lost 0.34%. The later closed the day at the sub-300 level (296.1)

Banking sector stocks for the second consecutive day led the rally. 6 of the top 10 in Sensex and 4 of the top 10 in Nifty are stocks from the banking sector. Bank of India is a clear winner in today’s trade too. The script opened at 158.00 on the BSE in the morning, reached a high at 180.95 and a low of 158 during the day’s trade to close at 176.65 gaining 19.85 (+12.66%)

USD/INR is trading at 43.74

Entry Filed under: Equity Markets, Closing Bell