Sensex inches higher…broader market outperforms

Sensex gained by 93 points to end at 14,422 while, Nifty gained 46 points or 1% to shut shop at 4,293.

It was a day of modest gains on the Indian bourses with the NSE Nifty index inching closer to the 4,300 levels. After a sluggish start and a range bound first half, key indices perked up in the second half as the bulls stepped on the gas.

The smart bounce was led by the Power, Capital Goods, Pharma and the Realty stocks. The Mid-Cap and the Small-Cap indices outperformed the benchmark indices.

Finally, the BSE Sensex gained by 93 points to end at 14,422 after touching a high of 14,480 and a low of 14,207. The index had opened at 14,376 against the previous close of 14,324.

The NSE Nifty gained 46 points or 1% to shut shop at 4,293.

Modest gains were seen not only in India, but across the globe. Asia markets ended in the green with the, the Hang Seng index gained 2% at 17,892 and Australia's S&P/ASX ended higher by 0.3% to 3,807. Nikkei index added 0.4% at 9,590.

Elsewhere in the Europe, stocks were trading marginally higher. The FTSE index was up 0.3% at 4,242. The DAX index was up 0.8% at 4,747. CAC 40 index gained 1% at 3,144.

Coming back to India, among the BSE Sectoral indices BSE Power index was the top gainer gaining 2.8%, followed by the BSE Capital Goods index up 2.5%, BSE Pharma index up 2.3% and BSE Realty index up 2%. However, the BSE Bankex index ended in the red down 0.12%.

Even the BSE Mid-Cap index gained 2.3%, BSE Small-Cap index up 2.2%.

In the Sensex, the major gainers were, JP Associates, Sun Pharma, TCS, Tata Motors, Grasim, ACC, Reliance Infra, M&M, Hindalco and BHEL.

On the other hand, major losers were HDFC Bank, HDFC, ICICI Bank, Sterlite, Reliance Industries and Ranbaxy.

Among the big gainers in the broader market were Torrent Power, TTML, Biocon, IVRCL Infra, Max India, Glenmark and Balrampur Chini.

Outside the frontline indices, the top losers included MMTC, M&M Fin, Canara Bank, Bharat Forge, EKC and Jet Airways.

Shares of Bajaj Auto were in top gear, the stock surged by over 2.5% to Rs960 after the Reserve Bank permitted FIIs to purchase the shares of the company as their holding in Bajaj Auto has gone below the trigger limit of 24% following the company's demerger of two non-banking finance companies.

"The restriction placed on the purchase of shares of Bajaj Auto on behalf of FIIs may be treated as withdrawn," RBI said in a release.

Earlier, RBI had asked FIIs not to purchase any further shares in Bajaj Auto as their holding had touched 24 per cent.

Shares of ABB surged by over 4.5% to Rs754 after the company announced that it won orders worth Rs2.2bn from Tata Projects Ltd to provide power products and solutions for a super-critical coal-fired power plant under construction in the southern India state of Andhra Pradesh.

Shares of Nagarjuna Const advanced by over 3.5% to Rs125 after the company announced that the board would meet on June 29 to consider private placement.

Shares of Andrew Yule were locked at 5% upper circuit to end at Rs51.10 after reports stated that government has given approval to the company for its disinvestment program. The scrip touched an intra-day high of Rs51.10 and a low of Rs51.10 and has recorded volumes of over 7,000 shares on BSE.

Shares of Renaissance Jewelry further extended gains and rallied by over 7% to Rs49.9. The stock sky rocketed by over 58% in the last four trading sessions.

The stock hit an intra-day high of Rs54 and an intra-day low of Rs48. The total traded quantity on the counter had exceeded over 0.5mn equity shares as compared to 0.2mn shares traded on Tuesday and mere 58,000 shares on Monday.

Renaissance Jewelry had hit a 52-week high of Rs68.35 on June 23, 2008 and 52-week low of Rs18.15 on March 05, 2009.

Shares of Torrent Power rallied by over 16% to Rs164 on the back of unusual volumes witnessed in the counter. The stock has hit an intra-day high of Rs169 and an intra-day low of Rs141. The total traded quantity has exceeded the average of 20 days traded volumes. Total volumes traded were ~2.8mn equity shares on the NSE.

The stock had hit a 52-week high of Rs177 on June 12, 2009 and 52-week low of Rs50 on October 28, 2008.

The total traded quantity has exceeded the average of 20 days traded volumes. Total volumes traded were ~2.8mn equity shares on the NSE.