Mumbai: On rapid buying by funds in heavy-weight stocks led by cement sector, the BSE Sensex soared by more than 105 points in early trade. Select stocks from cement, banking, telecom and pharma traded strong while auto stocks led the declines.
The BSE-30 share index, Sensex, which had vanished more than 70 points on yesterday’s closing, rise dramatically by 105.98 points at 14,537.04 in the first five minutes of trading. In the same way, the wide-based National Stock Exchange's index Nifty shot up by 42.45 points at 4,291.40.
Market analyst, Kartik Sadagopan, KJMC Securities anticipates markets to remain explosive allthrough the day because of futures expiry date. Some positions are expected to be improved.
According to Mr. Sadagopan, short covering can be seen in sectors like automobile and IT as they were trading feebly all-through the month. Banking sector is likely to do well in the next trading session.
Out of the total 2,131shares traded at the BSE, there were 1,409 advanced as against 662 declinations.
Among the sectoral indices, BSE Bankex rose 0.44%, BSE Auto declined 0.16%, FMCG declined 0.05%, while BSE Consumer Durables rose 0.72% and BSE IT rose 0.33%.
ACC, Gujarat Ambuja, Grasim, Ranbaxy, NTPC and HDFC were among the other gainers. Hindalco, Bajaj Auto and Maruti were in the losers list.