Sensex ends 286 points up on broadbased buying; L&T up 4.5%

The BSE Sensex surged as much as 303 points intraday on Wednesday, seeing best session since March 9, 2012. Short covering and somewhat value based buying helped the market rally. Every sector participated in today's rally - capital goods, banks & financials, technology and telecom stocks, and Reliance Industries were leading gainers.

The BSE benchmark rose 285.53 points or 1.65%, to close at 17,601.71 supported by 27 stocks. Meanwhile, the NSE benchmark was up 90.10 points or 1.71% to 5,364.95, even after mixed global markets.

The broader markets too followed the same trend - the BSE Midcap and Smallcap indices gained 1-2% led by rally in infrastructure, realty and sugar stocks.

Sudip Bandyopadhyay, MD & CEO at Destimoney Securities Pvt Ltd said the liquidity, which is in the global markets, have been driving Indian markets.

According to him, it will keep driving the market till the time there is some major policy decisions on any of the issues which have been pending for a long time either petroleum price hike, fertiliser or the coal and gas linkages.

All sectoral indices closed higher - the BSE Capital Goods and Realty indices gained 3.6% while Bankex rose 2.4%.

Country's largest private sector lender ICICI Bank advanced 3% while rival HDFC Bank and State Bank of India were up 2% each; Axis Bank jumped 3.5%. Housing finance company HDFC was up 1.6%.

Engineering and construction major Larsen & Toubro shot up 4.5% and state-owned Bharat Heavy Electricals rose 3%.

Tata Consultancy Services, India's No. 1 software services exporter rallied 3.25% while rival Infosys gained 1.5%.

Index heavyweight and oil & gas producer Reliance Industries moved up 1% and telecom major Bharti Airtel climbed 3%.

Shares of Tata Steel, DLF Jaiprakash Associates, Ranbaxy Labs and Reliance Infrastructure shot up 4-5% whereas Hindalco lost 1%. ITC, ONGC and Wipro were moderately lower.

Big News Of The Day

Satyam is going to merge with Tech Mahindra soon. The entity will form the sixth largest IT services company post merger. Company said Satyam's shareholders will get one share of Tech Mahindra for every 8.5 shares held. Mahindra group will hold 26.3% and British Telecom will hold 12.8% in the merged entity.

Tech Mahindra surged 5.5% and its traded volumes increased 2,611.57% to 720,357 shares as compared to its 5-day average of 26,566 shares. Mahindra Satyam was up 4.6% amid heavy volumes.

Advancing shares outnumbered declining by 1022 to 399 on the National Stock Exchange.

At 15:01 hours IST: Cap goods, banks, IT, telecom drive Nifty to 5350

The BSE Sensex rallied quite sharply led by broadbased buying. Capital goods, banks, technology, telecom and oil & gas helped the Nifty to hit 5350.

The BSE benchmark gained 274 points at 17,590.17 and the NSE benchmark advanced 83 points to 5,357.95 helped by 42 stocks.

State Bank of India, country's largest lender jumped 2% while rival ICICI Bank and HDFC Bank were up 2.5% and 1.5%, respectively.

Oil & gas producer and India's most valued stock Reliance Industries climbed 1.5% and telecom player Bharti Airtel shot up 3%.

Software services exporters Tata Consultancy Services and Infosys were up 3.5% and 1.5%, respectively.

Infrastructure major Larsen & Toubro rallied 5% and state-owned BHEL was up 2.5%.

TTK Prestige shot up 15.5% and its traded volume increased by 809% to 172,703 shares as compared to its 5-day average of 18,987 shares.

Greaves Cotton gained 4% after the news that board members will meet on March 30 to consider special interim dividend.

Among midcaps, Century Textile, MRF, HDIL and Godrej Industries gained 7-11%.

In the smallcap space, Seshasayee Paper, Sarda Energy, Prakash Constrowell, Triveni Turbine and Mount Everest rallied 9-11%.

At 14:27 hours IST: Sensex gains over 250 pts; L&T, JP Associates spike 4.7%

The BSE Sensex gained more than 250 points due to further buying in capital goods, banks & financials, technology and oil & gas stocks. Index heavyweight Reliance Industries rose over 1%. The BSE Midcap and Smallcap indices too gained 1-1.4%.

The BSE benchmark added 257 points to trade at 17,573.41 led by 28 components. Meanwhile, the NSE benchmark was up 76.65 points at 5,351.50.

Engineering and construction major Larsen & Toubro climbed 4.7% and high beta stock Jaiprakash Associates too shot up 4.7%.

Tata Consultancy Services, country's largest software services provider advanced 3.6% to Rs 1,176.30 and major realty firm DLF was up 3.37% to Rs 202.20.

Tata Steel, one of the top 10 steel manufacturers rose 2.8% and state-owned Bharat Heavy Electricals gained 2.7%.

Anil Dhirubhai Ambani Group's Reliance Infrastructure was up 4.33% to Rs 619.35 and state-run steel producer SAIL went up 4% to Rs 98.30.

However, Hindalco, Cairn India and Jindal Steel were only losers among largecaps, falling 0.75-1.5%.

Tech Mahindra surged 5% and Mahindra Satyam rose 7% post merger of both companies. Traded volume of Tech Mahindra spiked 2000% to 565,187 shares as compared to its 5-day average of 26,566 shares and Mahindra Satyam's volume moved up by 225% to 90,84,553 shares.

Essar Oil commissioned vacuum gas oil hydrotreating unit at Vadinar. The company says that phase I expansion project is on track and will be completed by March end. The stock shot up 5% to Rs Rs 57.40 and its traded volumes increased 40% to 8,02,941 shares as compared to its 5-day average of 5,75,571 shares.

At 13:29 hours IST: Sensex rises 1%; Mahindra Satyam, Tech Mahindra shot up 4%

The BSE Sensex extended gains in afternoon trade, rising 183 points or 1% led by TCS, Infosys and L&T. Even the Nifty retained its 5300 level quite nicely, helped by the Bank Nifty, which rose 1.3%.

Private sector lenders ICICI Bank and HDFC Bank climbed 1.6% each while rival SBI gained over 1%. Housing finance company HDFC was up 1%.

The BSE benchmark was quoting at 17,499, supported by 23 components. Meanwhile, the NSE benchmark was up 55 points at 5,330.

Engineering and construction major Larsen & Toubro jumped 2.7% and state-run Bharat Heavy Electricals rose 2.25%.

Shares of TCS, country's No. 1 software services exporter topped the buying list, rising nearly 3.25% while rival Infosys was up 1.4%.

Index heavyweight and oil & gas producer Reliance Industries moved up 0.7% whereas ONGC was flat.

Auto stocks too bounced back in noon trade - Tata Motors, Maruti and Hero Motocorp were moderately higher; Bajaj Auto and M&M climbed close to 2%.

Mahindra Satyam, a part of Mahindra group was the most active with 85 lakh shares being traded on both exchanges post merger news; the stock gained 4%. Tech Mahindra shot up 3.7% and its traded volumes increased by 1754% to 492,776 shares as compared to its 5-day average of 26,566 shares.

Satyam will be merged into Tech Mahindra with effect from April 1, 2011. The entity will form the sixth largest IT services company. Swap ratio: Satyam's shareholders will get one share of Tech Mahindra for every 8.5 shares held. Mahindra group will hold 26.3% and British Telecom will hold 12.8% in the merged entity.

At 12:27 hours IST: Choppy Nifty hits 5300; SBI, HDIL most active shares

The BSE Sensex rose 0.5% amid volatility in afternoon trade, supported by banks & financials, capital goods, telecom and technology (barring Wipro) stocks. Even the NSE Nifty touched the 5300 level. Housing Development and Infrastructure (HDIL) and State Bank of India (SBI) were most active shares on both the exchanges.

The BSE benchmark rose 95 points to 17,411 and the NSE benchmark was up 26 points at 5,301. The broader markets gained 0.7%.

Tata Consultancy Services, country's largest software services exporter led the market with 2.5% gains while rival Infosys gained 0.9%.

SBI and ICICI Bank, India's largest lenders advanced 0.6% each whereas rival HDFC Bank rose 1.4%. Housing finance company HDFC was up 0.7%.

FMCG major Hindustan Unilever moved up 1.7% while cigarette major ITC fell 0.8% on profit booking. BHEL and L&T, largecaps among capital goods sector rose 1.4-1.7%.

Among telecom stocks, Bharti Airtel, Reliance Communications and Idea Cellular gained 0.8-1%. In the cement space, ACC and Ambuja Cements jumped 2-3%.

However, index heavyweights Reliance Industries and ONGC were moderately lower.

Tata Motors, country's largest commercial vehicle maker and Maruti, top car maker in India fell over 1%.

In the second line shares, Century Textile shot up 14%. TTK Prestige, Godrej Industries, Essar Ports and HDIL rallied 5-7% while Infotech Enterprises, ABG Shipyard, Glodyne Tech, EID Parry and Shree Global were down 2-3%.

Airline stocks - Kingfisher Airlines rose 1%, which had fallen 27% in a month. Jet Airways was down 0.8%, which had lost just 5% in a month.

At 11:21 hours IST: Sensex rangebound; Hindalco, Tata Motors under pressure

The BSE Sensex continued to move in a narrow range around its yesterday's closing value as there is no trigger globally as well as internally. Banks & financials, technology and capital goods stocks were quite supportive while auto and metals were under pressure.

The BSE benchmark was up 21 points at 17,337.19 and the NSE benchmark went up 3 points to 5,278.05 while the BSE Midcap and Smallcap indices advanced 0.5%.

Tata Motors, country's largest commercial vehicle maker fell for the second consecutive session on slowdown in China's luxury car market; the stock tanked 2.4%. Maruti Suzuki was down 1.3% while Bajaj Auto and M&M gained over 0.5%.

State-run oil & gas producer ONGC declined 0.8% while India's most valued stock Reliance Industries was flat.

Shares of software services exporter Tata Consultancy Services shot up 2.5% on falling rupee and its rival Infosys gained 0.7%. The rupee fell 17 paise to 50.56 a dollar.

State Bank of India, country's largest lender rose 0.8% whereas rival HDFC Bank was up 0.8%.

State-owned capital goods major Bharat Heavy Electricals moved up 1.2%, and engineering and construction major Larsen & Toubro gained 0.5%.

Shares of cement companies ACC and Ambuja Cements gained 2-3%.

Stocks in news

Satyam will be merged into Tech Mahindra with effect from April 1, 2011. The entity will form the sixth largest IT services company. Swap ratio: Satyam's shareholders will get one share of Tech Mahindra for every 8.5 shares held. Mahindra group will hold 26.3% and British Telecom will hold 12.8% in the merged entity. Mahindra Satyam fell 0.6% while Tech Mahindra gained 2% amid heavy volumes.

TTK Prestige climbed 7% post CLSA initiated coverage on the stock with a buy rating, with a target of Rs 3500. Also there is talk of Phillips Global looking to buy-out entire promoter stake of TTK Prestige. The board will meet today at around 3 pm to consider Philips proposal.

Seshasayee Paper shot up 8% after a block deal in which 5.74 lakh shares or nearly 5% stake changed hands.

Network18 jumped 6%. Over 1 crore shares changed hands on NSE at Rs 37.50 a share in a block deal today morning.

(Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group).

At 10:14 hours IST: Sensex volatile; TCS, Infy gain on rupee falling to 50.64/$

The BSE Sensex was witnessing some selling pressure amid volatility, as the Indian rupee depreciated by 0.5% to 50.64 a dollar. Even Asian markets were moderately lower on slowdown in China post BHP Billiton said iron-ore demand from China was flattening.

Back home, the BSE benchmark fell 15 points to 17,301.69 and the NSE benchmark was down 9 points at 5,265.55.

Tech Mahindra gained 3% while Mahindra Satyam came off day's high, rising just 0.7% post the merger announcement. Satyam shareholders will get one share of Tech Mahindra for every 8.5 shares held. Board members said the merger will take effect from April 1, 2011. "20.4 crore shares of Satyam will be transferred to Tech Mahindra Trust and all assets & liabilities will be transferred to Tech Mahindra at book," the company said.

Oil & gas producers Reliance Industries and ONGC fell 0.25% and 0.7%, respectively.

Among metals, Jindal Steel and Hindalco tanked 2-2.5%. Sterlite Industries was down 1.5% while Tata Steel declined 0.5%.

Shares of ITC fell nearly 1% on profit booking as it had rallied 7% since Budget Day.

Engineering and construction major Larsen & Toubro slipped 0.5% and ICICI Bank, country's largest private sector lender, lost 0.3% while its rivals SBI and HDFC Bank gained 0.5%.

Technology stocks gained on depreciation in rupee; India's largest software services exporters TCS and Infosys were up 1.8% and 0.5%, respectively.

Advancing shares outnumbered declining by 639 to 541 on the National Stock Exchange.

At 9:19 hours IST: Sensex flat on opening; Tech Mah, Mahindra Satyam rally

The BSE Sensex started off with a mild gap down amid choppy trade on Wednesday due to lack of domestic as well as global cues. The market already priced in Union Budget 2012-13.

The BSE benchmark was up 35 points at 17,350.64 and the NSE benchmark rose 5.5 points to 5,280.35 while Asian peers drifted lower after initial upmove.

Among frontliners, TCS, Infosys, Reliance Industries, ICICI Bank, SBI, Tata Motors, HDFC, HDFC Bank, Bharti, Tata Steel, BHEL, Coal India and M&M gained 0.4-1%.

However, ITC, Hindalco, Wipro, Sun Pharma, Bajaj Auto, JSPL and Maruti fell 0.2-0.7%.

The CNX Midcap Index rose 14 points to 7,651. About two shares advanced for every share falling on the National Stock Exchange.

In the second line shares, Mahindra Satyam and Tech Mahindra gained 2-3% amid heavy volumes, but both immediately came off day's high post announcement of merger. The company said swap ratio is at 8.5 shares of Satyam for every share of Tech Mahindra.

Kingfisher Airlines rose 3% on short covering. United Spirits rose 0.5%.

Bata, Areva T&D, Voltas, S Kumars and Dish TV moved up 1-3%. Seshasayee Paper shot up 6% amid big volumes.

Zee Learn fell 3%, which has been losing its ground since Monday. The stock tanked 13% in three days.

NMDC was down over 1.5%. Reliance Power declined 2% after The Economic Times reports that four states slapped Rs 400 crore fine on the company for delay in Krishnapatnam project.