The Hindu Business Line : Sensex gains 192, tops 12,900

The BSE Sensex hit yet another high on Monday gaining 191.76 points or 1.51 per cent to close at 12,928.18 on strong FII buying and good corporate results.

The rally, continuing from Friday, touched an intra-day high of 12,953.76 beating the earlier high of 12,756.23 points.

The Nifty rose by 1.30 per cent to close at 3,723.95.

Most Asian markets also ended higher, backed by firmness on Wall Street last week. However, the rally has not been broad-based. "Heavyweights have been participating in the rally. Other stocks have still not gained considerably," said a dealer.

In fact, the BSE Mid Cap index gained only 0.15 per cent at 5,296.40 points, while the BSE Small Cap index lost 0.29 per cent to close at 6,398.01 points. Even the advance decline ratio was almost 1:1. Stocks of 1,097 companies gained and 1,446 companies declined.

good corporate earnings

Dealers attribute the bull run to excellent corporate earnings in the second quarter and the heavy inflow of funds from FIIs, who were net buyers at Rs 624.47 crore, as per the provisional figures on the NSE. Mutual funds have been, however, on the sell mode. Figures till October 13 show mutual funds as net sellers for Rs 74.88 crore.

All sectoral indices, apart from BSE Auto index, gained. Bankex index was the topper, gaining 2.45 per cent at 6,255.99 points.

"IT, FMCG and selective bank stocks are looking attractive currently," said a dealer. "Stocks like Hindalco, ITC and TCS which did not participate in the earlier (till Friday) rally rose today," the dealer said. The upward trend in the market is due to the continued momentum, he added.

Top gainers in the Sensex include HDFC Bank Ltd (up 5.85 per cent at Rs 1,046.55), followed by Hindalco Industries (up 4.02 per cent at Rs 182.25) and ICICI Bank (up 3.55 per cent at Rs 719.90).

Top losers were Gujarat Ambuja Cements Ltd (down 0.7 per cent at Rs 121.30), followed by Bajaj Auto (down 0.5 per cent at Rs 3,105.85) and ACC Ltd (down 0.45 per cent at Rs 1,001.35).

Volumes have been steady, said dealers, with a turnover of Rs 3,479 crore (Rs 4100.66 crore on Friday) on the BSE.

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