Post session - Quick review

Trading strength to strength for the entire trading session, boisterous barometer gauges showcased momentous performance, to register handsome gains. Building on previous session’s blockbuster rally, frontline equity indices did an enthralling job of amassing gigantic gains once again to their kitty. Host of fresh global positive triggers underpinned investor’s appetite for risky asset class such as equities, to end the head-strong session of trade blissfully. Domestically, markets fired on all cylinders on hopes of rate cut amidst appreciating rupee. Knitting gains for fourth consecutive session in row, BSE Sensex rose to its highest intraday since May 10, to shut shop past 16600 bastion, while the 50 share widely followed index Nifty, too concluded the miraculous trade above the 5000 psychological level.

Hopes over Europe preparing to take action to tackle the region's onerous financial crisis and comments from a Fed policymaker about possible support for the US economy, worked in favour of Asian pacific shares along with the local equities. Meanwhile, European shares too firmed up ahead of Federal Reserve Chairman Ben Bernanke's testimony before a congressional committee later on Thursday, with some trader’s placing massive bets at the possibility of more stimulus steps.

Closer home, Realty stocks, viz, Phoenix Mills, DLF and DB Realty, piping other sectoral indices, emerged winner after Prime Minister, in a bid to revert back to 9% economic growth, earmarked Rs 2 lakh crore investment targets for core sector projects in the current fiscal. Meanwhile, much of traction came from the market bellwether Reliance Industries (RIL), which managed to sneak some gains after Chairman speech, which emerged nothing short of forum for pleasing shareholders, as no concrete roadmap was divulged.  India’s largest conglomerate Reliance Industries’ Chairman Mukesh Ambani in its AGM, expressed hopes to produce an additional 30 million cubic metres per day of gas at its KG-D6 field off India's east coast. The market breadth on the BSE ended positive; advances and declining stocks were in a ratio of 1518:1164 while 128 scrips remained unchanged. (Provisional)

The BSE Sensex gained 217.21 points or 1.32% and settled at 16,671.51. The index touched a high and a low of 16,680.59 and 16,519.89 respectively. 24 stocks were seen advancing against 6 declining ones on the index (Provisional)

The BSE Mid-cap index gained 0.73% while Small-cap index was up 0.48%. (Provisional)

On the BSE Sectoral front, Realty up 2.32%, Bankex up 2.16%, Auto up 1.36%, Metal up 1.22% and Power up 1.14% were the top gainers while Consumer Durables down 0.365 was the sole losers.

There top gainers on the Sensex were HDFC Bank up 3.43%, ICICI Bank up 3.39%, Sterlite Industries up 3.31%, DLF up 3.27% and Maruti Suzuki up 3.04% while, Wipro down 2.08%, Gail India down 1.21%, TCS down 0.99%, Hindalco Industries down 0.50% and Cipla down 0.44% were the top losers in the index. (Provisional)

Meanwhile, Finance minister Pranab Mukherjee, despite expressing his concern about the low GDP, higher current account and fiscal deficit number, has reiterated that restricting fiscal deficit to 2% of the GDP is achievable and pinned his hopes that with moderation in inflation the economy will once again be back to its high growth path.

The finance minister has stressed that the fundamentals of the country’s economy are strong and there is no need of panic even if there is slowdown in the GDP. After registering 8.4 per cent growth in last year, India's GDP expansion slowed to nine-year low of 6.5 per cent in the last financial year and it was meager 5.3 percent in the fourth quarter of last fiscal. He expressed his faith in the resilience of the Indian economy that it will recover despite continued global uncertainty.

Emphasizing the importance of Debt Recovery Appellate Tribunals (DRTs) in financial crisis he pointed that there can be no lending unless there is recovery. Finance Minister has also expressed his concern on the issue of non-performing assets (NPAs) and said that it needs to be addressed on priority basis. The NPAs of public sector banks increased to about 3.3 per cent of the assets in 2011-12 as against 2.3 per cent a year ago. 

India VIX, a gauge for market’s short term expectation of volatility lost 5.06% at 23.64 from its previous close of 24.90 on Wednesday. (Provisional)

The S&P CNX Nifty gained 56.65 points or 1.13% to settle at 5,053.75. The index touched high and low of 5,055.75 and 5,007.75 respectively. 35 stocks advanced against 15 declining ones on the index. (Provisional)

The top gainers on the Nifty were Axis Bank up 3.69%, Sterlite Industries up 3.63%, JP Associates up 3.63%, HDFC Bank up 3.46% and Sesa Goa up 3.34%.On the other hand, Wipro down 2.61%, Ranbaxy down 1.40%, Gail India down 1.35%, Power Grid down 1.28% and Ambuja Cement down 1.21% were the top losers. (Provisional)

The European markets were trading in green, with France's CAC 40 up 0.60%, Germany's DAX up 0.50% and Britain’s FTSE 100 up 0.75%.