Putting behind the mayhem of the previous week, which saw the BSE benchmark index, the Sensex, shed a whopping 820 points or 4.1% in four trading sessions, the markets today started the week on a positive note. After opening at 19,230, the Sensex, strengthened in the second half of the day led by strong gains in oil & gas space. The realty stocks also bounced back at close.
In the broader markets too selling pressures was seen easing. Both the midcap and smallcap indices, which have been reeling under selling pressure throughout last week and the earlier part of this session, recouped their intra-day losses on the back of a rebound in the realty space. The smallcap index closed up 0.5% at 9,515 while the midcap added 0.7% at 7,612.
On the global front, the US and European stocks had sold off on Friday amid concerns that an Irish financial bailout, amounting to 85 billion euros ($112 billion), will fail to stem Europe's debt crisis. But Asian markets began the day on a composed note in a belated reaction to the bailout for Ireland, although the gains were tempered by the escalating war of words between the two Koreas. And European markets have gained upto 1% each in early trades.
Oil & Gas up 2.6% was the top gainer on the BSE sectoral chart followed by Bankex and Health Care. Realty after trading in the negative last week, finally broke into the green and closed up 0.8%. Power index gaining 0.4% is the least gainer on the sectoral chart. Cairn India up nearly 6% followed by index heavyweight Reliance up nearly 4% were the top gainers in the Oil & Gas space. BPCL, Aban Offshore were the other gainers.
Bank of India(Rs 459), Punjab National Bank (Rs 1214),Canara Bank (Rs 721) and Indusind Bank (Rs 294) gaining 3% - 6% are the scrips that led the banking space.On the other hand, Reliance Infrastructure (Rs 825), Neyveli Lignite (Rs 125), Power Grid Corporation (Rs 93) and Torrent Power (Rs 280) down 2% were the major draggers in the power sector.
Reliance (Rs 998) up nearly 4% was the top gainer on the Sensex followed by Maruti Suzuki (Rs 1404), Wipro (Rs 418), BHEL (Rs 2157), ICICI Bank (Rs 1153) which added 2.5% each.
ADAG pack - Reliance Infrastructure (Rs 825), Reliance Communications (Rs 127) down nearly 3% and 2% respectively were the top losers on the benchmark index. Tata Steel (Rs 593), HDFC Bank (Rs 2286), ACC (Rs 994) which shed 0.5% - 0.8% were the other noteable losers.
The market breadth was neutral. Of the total 3043 stocks traded, 1492 stocks had declined while 1461 advanced.