Market continues to show strength, sensex makes new high for the day Analysis for Nov 28, 2011

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The domestic bourses continued to extend their gains, as 30-shares barometer index touched the new high of the day. The positive trading on European front after the news that Italy may get 600 billion Euros from International Monetary Fund (IMF) as bond yields across the euro zone spiked to record highs, supporting the investors to trade higher.

At 2:25PM BSE SENSEX was at 16,106.66 up by 411.23 points or by 2.62% and then NSE Nifty was at 4,823.65 up by 113.6 points or by 2.41%.

Further, the benchmark indices witnessed the year"s low last week and hence bargain hunting is also seen in the market.

On Corporate front, Sensex heavyweight Reliance Industries has issued arbitration notice to the Oil Ministry on move to disallow some of its investment in KG-D6 gas fields. The share of RIL is currently trading at Rs 778.15 up by 3.20%.

Besides, the market breadth remains strong on BSE, as 1,819 stocks are advancing and 840 stocks are declining. The BSE MIDCAP was at 5,691.35 up by 78.72 points or by 1.4%, while the BSE SMLCAP was at 6,138.24 up by 88.85 points or by 1.47%.

Out of 13 indices, all of them are trading on positive note, with Metal index is gaining the highest. The index is at 10,259.18 up by 394.25 points or by 3.99%. In Metal pack, JSW Steel Ltd. (Rs. 595.60,+6.98%), Hindalco Industries Ltd. (Rs. 120.50,+6.07%), Sesa Goa Ltd. (Rs. 180.80,+5.52%), Coal India Ltd. (Rs. 321.70,+4.18%), Jindal Steel & Power Ltd. (Rs. 506.20,+3.78%) are major gainers.

Further Bankex index also witnessing buying support as the index is at 10069.03 up by 300.33 points or by 3.07%. In Bankex pack, State Bank of India (Rs. 1767.70,+4.55%), Kotak Mahindra Bank Ltd. (Rs. 466.95,+4.53%), IndusInd Bank Ltd. (Rs. 264.80,+4.25%), ICICI Bank Ltd. (Rs. 747.25,+3.87%), IDBI Bank Ltd. (Rs. 94.40,+3.17%) are the top gainers.

The top gainers of the BSE Sensex pack were Hindalco Industries Ltd. (Rs. 120.50,+6.07%), Housing Development Finance Corporation Ltd. (Rs. 642.20,+4.73%), State Bank of India (Rs. 1767.70,+4.55%), Tata Motors Ltd. (Rs. 179.45,+4.45%), Coal India Ltd. (Rs. 321.70,+4.18%), among others.

Read more about: bse, nse
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