Post Session-Sensex extends rally, ends 156 points higher Analysis for Jan 27, 2012

Supported by firm Asian cues, the key domestic benchmarks extended their rally and closed on a strong note. The Oil & Gas and Consumer Durables space led the rally.

BSE SENSEX closed at 17233.98 up by 156.8 points or by 0.92 % and then NSE Nifty ended at 5204.7 up by 46.4 points or by 0.9 %.The BSE MIDCAP closed at 5872.36 up by 38.32 points or by 0.66 %, while the BSE SMLCAP ended at 6491.69 up by 83.24 points or by 1.3 %.The BSE Sensex touched intraday high of 17258.97 and intraday low of 17106.57 The NSE Nifty touched intraday high of 5217 and intraday low of 5162.4.

The weak closing of the US markets on Thursday made little impact on domestic sentiment during morning trade. On Thursday, the Dow Jones Industrial lost 22.33 points and closed at 12734.63. The S&P 500 lost 7.60 points and closed at 1318.45 and the Nasdaq closed at 2805.28, losing 13.03 points over the previous day's closing. The benchmarks surged up at start amid positive cues from the Asian markets. Asian markets were trading higher on Friday amid hopes of a deal between Greece and its private creditors on debt restructuring. Moreover, a rebound in Japanese consumer spending in December 2011 also lifted sentiment. In addition, a 3 per cent jump in the US durable goods orders in December 2011, raised optimism that the nation's economic recovery is gathering steam. Traders were also eying the US fourth quarter, 2011 GDP data due on Friday. However, the gains in stocks were limited amid weaker than expected corporate earnings in Japan and an unexpected decline in new home sales in the US in December 2011. The domestic benchmarks lost momentum and slipped to the day's low amid selling pressure in banking stocks. The benchmarks recovered from the day's low during afternoon trade and marched upwards for the remainder of the session. Finally, the benchmarks closed on a robust note, with the Sensex and Nifty gaining over 0.85% each. Among the BSE Sectoral indices, BSE Oil & Gas, BSE Consumer Durables ended up 2.69% and 2.54% respectively.

Among the 30 Sensex stocks, Sterlite Industries, Tata Motors, L&T, Bharti Airtel and RIL gained 5.49%, 4.10%, 3.76%, 3.66% and 3.48% respectively. Among the Sensex stocks, there were 16 advances and 14 declines. On BSE out of total shares traded 3060 , shares advanced were 1811 while 1129 shares declined and 120 were unchanged.

On the Economic front, India on Friday raised Rs 130 billion through the sale of bonds maturing in 2020, yielding 8.3705 per cent. The cut off price was set by the RBI at Rs 98.96.

On the Global front, unemployment in the Spanish economy surged to the highest level in 15 years in the fourth quarter, 2011 as companies slashed jobs amid the deepening debt turmoil and severe austerity measures, said a report by the Statistics Institute on Friday. The jobless rate in the debt ridden Spanish economy rose to 22.9 per cent in the October-December 2011 quarter, the highest in 15 years.

On the Asian front, Hang Seng ended up 0.31% , Seoul Composite ended higher by 0.39% and and Nikkei 225 closed down by 0.09% on Friday.

On the European front, CAC 40 was down by 0.02%, DAX was up 0.47% and FTSE100 was down by 0.05% on Friday.

On the Corporate front, Bank of India reported a 10 per cent increase in Q3,2011-12 net profit at Rs 716.16 crore, compared to the year ago period. The stock ended up 3.17% at Rs 352.85 on the BSE.

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