Global cues propel markets up; power, O&G, telecom, CG lead

16 January 2009

The benchmark indices witnessed a huge buying interest and remained on the higher side throughout the session following positive global cues. Continuous buying in stocks of oil & gas, banking, telecom, power, capital goods and metal companies supported the markets to stay on the higher side.

Midcap and small cap indices, however have not run up in tandem with sectoral and benchmark indices. Realty stocks as well as TCS, ACC and Grasim were under pressure.

The Sensex traded above 9200 for major part of the day and went above 9300 as well in last half an hour of trade. It closed the day at 9,323.59, up 276.85 points or 3.06% over previous close. The 50-share NSE Nifty closed above 2800 mark; gained 91.75 points or 3.35% to settle at 2828.45.

Reliance pack also lent support to the markets in today's trade. In the case of ADAG pack, Reliance Infrastructure, Reliance Capital, Reliance Communications, Reliance Natural Resources and Reliance Power went up 2-7.34%.

In the pack of Mukesh Ambani, Reliance Industries, Reliance Petroleum and Reliance Industrial Infrastructure rose 1.27-6.56%.

Oil & Gas Index outperformed other indices, surged 5.09% or 287.66 points at 5,933.69. Reliance Industries shot up 6.56% and ONGC gained 3.72%. Oil marketing companies like HPCL, IOC and BPCL went up 2-2.7%.