The benchmark indices steadfastly maintained the impetus of the past three trading sessions to sign off the last day of 2010 in style. Riding on the back of continued strength in the Asian markets and the aftermath of smooth rollovers into the January F&O series, the Sensex gained 120 points or 0.5% at 20,509 and the Nifty added 32 points at 6134. The broader markets outclassed the benchmark indices by spurting more than a percent, with the midcap index ending at 7802, higher by 88 points and the smallcap index ending at 9670, up 117 points. 2010 has turned out into a good year for the investor community, with the markets providing returns in the region of 17% during the calendar year.
The cues were favourable on the Asian front, to begin with. The key benchmark indices in China, Hong Kong and Taiwan rose between 0.1% and 1.7% each. Singapore's Straits Times declined by 0.7% to count as the only exception. And stock markets in Japan, Indonesia and South Korea were closed on account of the new year holidays. Wall Street had closed slightly lower on Thursday as better-than-expected economic data wasn't enough to entice buyers to take risk; the Dow ended down 15 points at 11,569 and Nasdaq ended poorer by three points at 2,662. But trading in US index futures indicated that the Dow could gain 10 points at the opening bell.
In the F&O segment, the Nifty witnessed healthy rollovers of 60% and marketwide rollovers stood at around 80% into the January series, with metals and automobiles being in the forefront.
The Reliance Anil Dhirubhai Ambani Group shares stole the limelight on reports that the group was rebranding all its businesses as 'Reliance group' rather than maintaining individual identities. RCom spurted by 4.9% at Rs 145 to top the gainers the list on the BSE. Reliance Infrastructure spiked by 4% at Rs 842, Reliance Power zoomed by 2.6% at Rs 158 and Reliance Capital added 2.1% at Rs 668. Among the other significant gainers, Bajaj Auto raced ahead by 4.3% at Rs 1541 and Jaiprakash Associates jumped by 2.9% at Rs 105. And index bellweather RIL moved higher by 0.7% at Rs 1058.
Realty was the top sectoral gainer on the BSE, with Parsvnath Developers zooming by 6% to Rs 58, Orbit Corporation and Indiabulls Real Estate adding 5% each at Rs 80 and Rs 140 respectively. And fertilizer stocks rallied for the second consecutive day, ahead of the GoM meet scheduled on January 5 to discuss decontrolling of urea prices. Tata Chemicals jumped by 1.5% at Rs 395, Chambal Fertilisers added 2.7% at Rs 90 and Godaveri Fertilisers gained 1.7% at Rs 167.
On the other hand, select metal stocks saw profit-booking after the gains of the previous session. Sterlite skid by 1.1% at Rs 186 and Jindal Steel lost 0.8% at Rs 713 on the BSE. And sugar stocks ended in the red across the board. There are reports that the government will slap a 60% import tax on sugar from January 1. Bajaj Hindusthan slipped by 2.9% at Rs 119, Balrampur Chini shed 1.7% at Rs 87 and Dhampur Sugars lost 3.4% at Rs 76.
The market breadth was positive. Out of 3067 stocks traded on the BSE, there were 1,502 advancing stocks as against 1250 declines.
