Indices surge to new highs

STOCK REPORT

Benchmark indices ended at their highest-ever closing levels due to short covering on expiry of January futures today.

"There was a lot of buying towards the end of the session today from investors on the short side," a dealer said.

Total turnover on the Bombay Stock Exchange and the National Stock Exchange together was about Rs 16,100 crore today as against Rs 12,700 crore on Wednesday.

Ten out of eleven sector indices on the BSE, ended up.

BSE metal index was the top gainer among sector indices, up 4 per cent, on expectations of robust earnings for October-December and firm global metal prices.

Dabur India ended down 37.3 per cent at Rs 102.70, as the company went ex-bonus today.

The BSE's 30-share Sensex ended at 14,282.72, up 172.26 points or 1.2 per cent.

Intraday, it touched a low and high of 14,115.40 and 14,307.19.

The NSE's 50-share Nifty ended at 4,143.72, up 53.65 points or 1.3 per cent. Intraday, it touched a low of 4,090.10 and a lifetime high of 4,157.95.

Among top Nifty gainers, Steel Authority of India closed at Rs 110.90, up 7.2 per cent and Tata Steel closed at Rs 510.10, up 6.1 per cent from Wednesday on hopes of healthy Oct-Dec earnings on the back of high sales volumes and firm steel prices during the quarter.

JSW Steel on Monday posted a net profit of Rs 362 crore, up 160.2 per cent on year for the December quarter. Its revenue grew 51.2 per cent to Rs 2,302 crore.

SAIL announces its quarterly results on Monday and Tata Steel on Tuesday.

Firm base metal prices at the London Metal Exchange led National Aluminium to rise by 4.4 per cent and Hindalco Industries to rise by 3.8 per cent.

Mid-caps rose, driven by quarterly results and company-specific buying.

CNX Mid-Cap Index rose 1 per cent.

Moser Baer was the top gainer among mid-caps.

The stock rose 7.86 per cent to Rs 344.35 after the company today announced a 188.4 per cent rise in its Oct-Dec net profit at Rs 376.24. Cholamandalam DBS was up 7.6 per cent at Rs 150.95.