L&T, ICICI Bank, ONGC and Tata Motors top contributors in market rally

Four stocks from 30-share S&P BSE Sensex – Larsen and Toubro (L&T), ICICI Bank, Oil and Natural Gas Corporation (ONGC) and Tata Motors – have helped the benchmark index to scale new high today. These four stocks have collectively contributed nearly 300 points rise in benchmark index since January 23.

The Bombay Stock Exchange (BSE) Sensex surged 237 points or 1.1% to close at its record high levels of 21,514. Earlier in January 23, 2014 the index closed at 21,373.66.

A sharp decline in India's current account deficit during the December quarter coupled with a sustained buying by foreign funds in the past few sessions as tensions over Ukraine receded and the Election Commission announced the much-awaited schedule for the Lok Sabha polls fuelled rally in equity markets.

Since February 17, the foreign institutional (FIIs) investors have pumped in net of Rs 5,008 crore in Indian equities during past twelve trading sessions.

Engineering major L&T have contributed nearly 100 points during the period. The stock has rallied 11% to Rs 1,137 from Rs 1,033.

ICICI Bank, the private sector lender, has contributed 75 points, after seen its market price appreciation by over 5% to Rs 1,136. The state run refiner ONGC and auto major Tata Motors have contributed 54 points and 51 points respectively.

Meanwhile, Reliance Industries is trading nearly 5% lower from its January 23, 2014 level, dragged the Sensex down by 89 points during the period.

Bharti Airtel (40 points), HDFC (39 points), NTPC (36 points), Sesa Sterlite (34 points) and Cipla (24 points) have contributed 173 points fall in Sensex during the period.