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Sensex rises 116 pts; ITC, Tata Motors, ONGC rally 3-4%

16:48

The News International Team

Equity benchmarks bounced back in last couple of hours of trade on Monday with the Sensex closing above 27000 level and Nifty above 8100-mark supported by ITC, Tata Motors, ONGC and HDFC.

Overall it was a consolidation day ahead of expiry of September series’ derivative contracts (on Thursday) and the market reported total turnover of Rs 5.9 lakh crore, the fifth highest ever.

The 30-share BSE Sensex climbed 116.32 points to 27206.74 and the 50-share NSE Nifty rose 24.85 points to 8146.30. The broader markets gained too, with the BSE Midcap and Smallcap indices rising 0.2 percent and 0.5 percent, respectively.

The market continued to be in consolidation mode ahead of expiry, say experts, adding, the upside may continue in near term. However, if upcoming by-polls in Maharashtra and Haryana disappoint, then there is a possibility of some correction.

“Market has lot of expectations. It expects everything to be aligned very quickly. So, if this political news is not in pink of health then the market can definitely get nervous,” said Sandeep Bhatia, Executive Director and Head of Sales at Kotak Institutional Equities.

Bhatia expects another 10-15 percent returns in the market till next Budget. He believes the economy is on an upturn and sees Diwali to be great from consumer spending angle.

Tata Motors, the commercial vehicle maker and the owner of luxury car maker Jaguar Land Rover, topped the buying list, up 4 percent followed by cigarette major ITC with 3 percent.

State-run oil and gas explorer ONGC was up 3.5 percent as the company will begin oil production from KG block in 2019. Housing finance company HDFC and top lender State Bank of India climbed 1 percent each while rival ICICI Bank advanced 0.44 percent.

However, shares of Infosys, Sun Pharma, Cipla, Tata Steel, Wipro, BHEL, Hindalco Industries, NTPC and Tata Power were down 1-2 percent.

In the midcap space, PC Jeweller, Delta Corp, Ananj Raj, Jaiprakash Associates, NBCC, GSFC, Gitanjali Gems, Container Corporation, Ramco Cements and Ashok Leyland surged 3-20 percent.
However, Suzlon Energy, Bharti Infratel, Bhushan Steel, Torrent Power, Financial Technologies, Century Textiles, Unitech and OBC fell 2-10 percent.

Advancers beat decliners on the Bombay Stock Exchange by a ratio of 1704 to 1347.

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