Sensex closes 421 pts higher; Metal index up 5%

Sensex 452 points from the intra-day trading on Tuesday, continuing a positive upward trend in the second year in a row at the 2012th Global cues, and the rally of the most beaten down sectors like capital goods, banks and metal increased the confidence of Indian equities.

The Sensex rose 421.44 points, or 2.72%, to close at 15,939.36 led to 28 stocks. Concentrated in the Nifty 128.55 points, or 2.77%, to end at 4,765.30.

Sudarshan Sukhani of s2analytics.com knows, there may be more funds available in the market. "Given the current momentum, it seems likely that we will cross the 4800th"

But that does not change the nature of this bearish market, he adds.

Anand Tandon CEO of JRG Securities, said that a little early, in turn, a very bullish market. "I think, come to expect this year to almost zero if not negative."

Asian peers showed good results today. Hang Seng, KOSPI, Straits Times and Taiwan Weighted was 1.5 to 2.7%. Today, European markets such as the German DAX and UK FTSE rose more than 1%, while the French CAC fell 0.5%.

Back to Indian markets, the BSE Metal Index was the star performer rising by 5%. Capital goods, banking and realty indices were up over 4%. Power, Teck, IT, Oil & Gas, Pharma and Auto indices gained 1.5 to 3%.

In the metal space, Sterling, Tata Steel, Jindal Steel and Coal India has increased from 4.5 to 6%. Between banks, ICICI Bank rose by 4% and rose 4.7% in SBI, HDFC Bank, went to nearly 3%.

Capital Goods major L & T and BHEL surged by 5% each. DLF topped the list, rising nearly 7% of the purchase. Shares of the largest commercial vehicle maker Tata Motors rose 5.5%.

Index heavyweights Reliance Industries and Infosys was up 2% each, Bharti Airtel jumped 3.8%.

However, shares of oil marketing companies were under pressure after the companies said they will not hike gas prices. BPCL fell 1.6%. M & M, Ambuja Cements and Hero Motocorp fell from 0.5 to 1.4%.

The broader indices too followed the same trend as the benchmarks - the BSE Midcap and Smallcap indices were up over 2.3%.

TV18 Broadcast Network, and 18 increased by 20% each of the directors of TV18 Broadcast Television channels and the acquisition of the rights issue of Rs 2,700 crore. (Note: Web18, which owns Moneycontrol.com and Indiaearnings.com is Network 18 Group).

The market breadth was strong as well, about three shares for each share of developed BSE in the fall.

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