Top headlines - Sensex ends 612 pts higher; RIL, L&T and Bharti Airtel shine
- Metro Brands makes a tepid debut with 13% discount
- ZEE falls 5% after inking merger pact with Sony Pictures, trims losses later
- RateGain Travel Technologies surges 28% in two sessions, hits new high
- CMS Info Systems IPO subscribed 65% on day 2
The bulls were in control on Dalal Street today as key benchmark indices remained in the positive zone throughout the session. The BSE benchmark index hit an intra-day high of 56,989, led by strong gains in index heavyweights Reliance Industries, Bharti Airtel and financial stocks. By close, the Sensex stood 612 points higher at 56,931. With this, the index has gained over 1,100 points in two trading sessions.
The NSE Nifty climbed to a high of 16,971, before eventually ending with a gain of 184 points at 16,955.
Reliance Industries surged 2.4 per cent and accounted for more than a quarter for Sensex gains today. According to Edelweiss Alternative Research, RIL's weight on the Sensex and Nifty is likely to rise from December 29 and December 30, respectively, after a rebalancing of weighting. The total cumulative inflows for RIL are expected to be $245 million.
Bharti Airtel, Larsen & Toubro and Tata Steel were the other major gainers. They closed between 2 and 2.7 per cent higher. Gains in the financial shares were led by Bajaj Finance, IndusInd Bank and ICICI Bank.
The stock of the day was Zee Entertainment, which ended almost flat after recouping losses made earlier in the day. The stock fell up to 5% on the back of profit booking after the company said it had entered into a definitive agreement with Sony Pictures to complete its proposed merger. Technical charts suggest the stock has the potential to surge as much as 35%.
ITC, Nestle, and Wipro were among the few Sensex losers.
The broader markets, on the other hand, ended with significant gains. The BSE Midcap and Smallcap indices were up around 1.5 per cent each. The overall market breadth was extremely positive, with over 2,400 advancing shares against 907 declining stocks on the BSE.
Among individual stocks, the shares of India Cements surged 9% on the BSE after billionaire investor Radhakishan S Damani, Gopikishan Shivkishan Damani & family increased their stake in the company to 22.76 per cent. Since March 30, 2020, they have acquired an additional 2.03 per cent stake in the company through open-market purchases.
That apart, shares of recently listed RateGain Travel Technologies rallied 10 per cent in intra-day trade to hit a new high at Rs 402, extending its previous day’s 9 per cent surge on the National Stock Exchange. The stock today bounced back 28 per cent from its Monday’s low. On December 17, Goldman Sachs Funds had bought 0.7 million equity shares of the company through bulk deal on the NSE.
Electronic components maker Hind Rectifiers also hit a 52-week high of Rs 244.35, surging 13 per cent on the BSE. The stock has zoomed 35 per cent in the past three trading days, and 47 per cent in the past month.
Further, Rakesh Jhunjhunwala-backed Metro Brands had a muted debut on the bourses. It was listed with a 13 per cent discount on the BSE at Rs 436, against its issue price of Rs 500 per share. The stock, however, ended at Rs 493, down 1 per cent against the issue price.
Lastly, in the primary market, the initial public offering of CMS Info Systems remained sluggish on the second day of bidding. It was subscribed only 65% as at 4:30 pm. The retail portion, however, was fully subscribed.
 "Market wrap: Sensex ends 612 pts higher; RIL, L&T and Bharti Airtel shine")
