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Sensex zooms 352 pts on bargain hunting, Midcap outperforms; GAIL, Airtel up 6-8%

Equity benchmarks staged smart recovery on Thursday, with the Sensex rising nearly 400 points intraday, driven by value buying and short covering after yesterday’s sell-off. Buying was seen across sectors despite mixed Asian cues.

Nifty Auto, Metal and Realty were biggest gainers among sectoral indices, gaining nearly 2 percent followed by Bank, FMCG and IT with 0.8 percent upside.

The 30-share BSE Sensex was up 352.03 points or 1.08 percent at 32,949.21 and the 50-share NSE Nifty rallied 122.60 points or 1.22 percent to 10,166.70.

The market rebounded sharply from its support level, may be indicating the worst is over for the time being (after losing 428 points from its record high of 10,490 on November 6) but overall it has been in a tight range and needs strong reason to get past its previous record level, experts feel.

“We feel it’s a normal bounce and upside also seems capped, citing mixed cues and upcoming events. Thus traders shouldn’t jump into a trade and prefer hedged positions,” Jayant Manglik President Retail Sales Religare Securities said.

Also, keep a close watch on world markets and movement in currency market for cues, he added.

The broader markets outperformed benchmarks as the Nifty Midcap index was up 1.4 percent on strong breadth. About three shares advanced for every share falling on the NSE.

GAIL was biggest gainer among Nifty 50 stocks, surging 8 percent. Not only this but other gas stocks like Petronet LNG, Mahanagar Gas and Indraprastha Gas rallied 3-5 percent.

Telecom stocks, too, were in action as Bharti Airtel spiked 6.5 percent. According to CNBC-TV18 reports quoting agencies, Airtel, Smile, Globacom & Helios are in race for acquisition of Nigeria’s 9Mobile. Idea Cellular was also up nearly 5 percent.

Larsen & Toubro gained 2.3 percent. Its subsidiary L&T Hydrocarbon Engineering has won order valued over Rs 1,600 crore from HPCL, Visakhapatnam Refinery.

Country’s largest car maker Maruti Suzuki ended at record closing high of Rs 8,882.40, up 3.14 percent while Tata Motors gained 1.25 percent after Jaguar Land Rover reporting a 10 percent growth YoY in November sales.

ICICI Bank, Bharti Infratel, Asian Paints, Infosys, Bosch, Eicher Motors, Tech Mahindra and SBI among others ended 1-5 percent higher whereas TCS, Wipro, Cipla, Coal India, Sun Pharma and Dr Reddy’s Labs were only losers among Nifty 50 stocks, ending marginally lower.

Meghmani Organics, Graphite India, Rain Industries, Bhansali Engineering, Petronet LNG, Titan Company, Radico Khaitan, GM Breweries, Delta Corp, DLF, Indiabulls Real Estate, Puravankara, Shalimar Paints, TV Today, LT Foods and Kohinoor Foods were up 3-15 percent.

IRB Infrastructure fell 2 percent as the CBI has filed a chargesheet against the company with Pune Sessions Court in illegal land purchase case

On the global front, European stocks were mildly higher at the time of writing this article. Asian markets ended mixed.

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