Post Session- Terrific Tuesday at D-Street as European relief lifts Sensex to 4-mth high Analysis for Jul 10, 2012

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Firm cues from European markets lifted domestic benchmarks today as the Sensex rallied to the highest level in four months. Sentiment was boosted after European leaders made some progress in stemming the region's lingering debt turmoil. EU leaders on Tuesday granted an extra year to Spain to meet its budget deficit target while deciding to accelerate the payment of 100 billion euro to shore up Spanish banks.

A pickup in FII investments in Indian equities also boosted sentiment. Sensex rallied after data showed that FII's remained net buyers of Indian stocks this month.

Meanwhile, a pickup in automobile sales lifted auto stocks. Auto stocks rose after a SIAM report said that domestic car sales rose 8.28 per cent year on year in June 2012.

The Sensex, which opened higher today consolidated gains, trading range bound amid mixed Asian market cues. However, a smart rally in European markets accelerated buying momentum in domestic indices as the Sensex surged in the last few hours to book a gain of over 220 points.

The BSE SENSEX closed at 17,618.35, up by 226.37 points or by 1.30 per cent and the NSE Nifty ended at 5,345.35, up by 70.2 points or by 1.33 per cent.

The BSE Sensex touched intraday high of 17,631.19 and intraday low of 17,424.29. The NSE Nifty touched intraday high of 5,348.55 and intraday low of 5,284.55.

Meanwhile, the BSE MIDCAP closed at 6,306.68, up by 68.49 points or by 1.10 per cent, while the BSE SMLCAP ended at 6,805.1, up by 54.77 points or by 0.81 per cent.

On the Sectoral front, Capital Goods and FMCG gained 1.75 per cent each.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3567, shares advanced were 1783 while 1184 shares declined and 600 were unchanged.

The top gainers of the BSE Sensex pack were Hindalco Industries Ltd. (Rs. 127.60,+2.74%), Maruti Suzuki India Ltd. (Rs. 1221.30,+2.72%), ITC Ltd. (Rs. 258.15,+2.71%), Tata Motors Ltd. (Rs. 246.40,+2.58%), Sterlite Industries (India) Ltd. (Rs. 108.30,+2.46%), among others.

Most Asian stock markets ended lower today as progress in resolving Europe's debt crises was overshadowed by weak Chinese trade data that signaled a deepening slowdown in the world's second largest economy. Shanghai Composite ended down 0.29 per cent, Hang Seng closed down 0.16 per cent and Nikkei 225 shed 0.44 per cent.

Among the European markets, CAC 40 was up 1.49 per cent, DAX was up 1.21 per cent and FTSE 100 was trading higher by 0.96 per cent at 16:41 PM IST.

Story first published: Tuesday, July 10, 2012, 18:20 [IST]
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