Markets log gains as metals surge

The Sensex ended with a gain of 99 points on Wednesday backed by significant buying interest in metal stocks. Earnings momentum and recovery in global markets also boosted the sentiment.

Mirroring positive overseas cues the Sensex logged gains in opening deals this morning. Significant buying interest in the metal stocks led the index rally past the 18,000-mark for yet another day.

The NSE Nifty added 31 points to 5,399.

The US markets ended higher on Monday supported by strong earnings but gains were limited by a drop in US housing data. The Dow ended 56 points higher at 10,154. The Nasdaq added 19 to 2,198.

Elsewhere in Asia, the Hang Seng rallied 223 points to 20,487. The Seoul Composite and Shanghai indexes ended marginally higher at 1749 and 2535, respectively. However, the Nikkei, Straits Times and Taiwan Weighted ended in red.

Later on, the European markets rallied sharply in opening trades. The FTSE 100, DAX and CAC were all up over 1% each.

Back home, yesterday's late selling turned out to be profit taking by weak hands. As fresh buying today led the markets to higher levels. Robust Q1 earnings is one of the major reason for the strength so far. As per Business Standard Research Bureau, net profit of 126 companies rose 30% this June quarter on a year-on-year comparison basis.

The BSE Metal index surged over 3% to 15,427. The realty and auto indices too ended nearly 1% higher each.

The market breadth was marginally positive - out of 3,025 stocks traded so far, 1,512 advanced and 1,326 declined today.

METALS SURGE

JSW Steel soared 5% to Rs 1,175. Sterlite, Tata Steel and Sesa Goa rallied around 4% each to Rs 173, Rs 530 and Rs 366, respectively.

Hindustan Zinc and SAIL moved up around 3% each to Rs 1,011 and Rs 205, respectively.

Jindal Steel and Hindalco gained 2.5% each at Rs 636 and Rs 156, respectively.

Jindal Saw advanced over 2% to Rs 205. National Aluminium and Welcorp were up over 1% each.

SENSEX MOVERS...

Other than the metal stocks - Sterlite, Tata Steel, Jindal Steel and Hindalco. Mahindra & Mahindra gained 2.5% at Rs 617.

ACC and Wipro added 2% each to Rs 825 and Rs 415, respectively.

TCS, ICICI Bank, Jaiprakash Associates and Tata Motors were the other prominent gainers.

...AND THE LOSERS

HDFC shed 1.4% at RS 2,970. Bharti Airtel, Cipla and HDFC Bank were the other notable losers.

MOST ACTIVE COUNTERS

Debutant Hindustan Media (ended at 14% premium at Rs 189) topped the value chart with a turnover of Rs 275.55 crore followed by JBF Industries (Rs 188.57 crore), Tata Steel (Rs 148.60 crore), TVS Motor (Rs 137.82 crore) and Sesa Goa (Rs 103.04 crore).

FCS Software led the volume chart with trades of around 25.58 million shares followed by Cals Refineries (2.27 million), Shree Ashtavinayak (15.23 million), Hindustan Media (14.94 million) and JBF Industries (13.78 million).