Enthused by the assurance by the Finance Minister that the central bank would inject liquidity into the system as and when required and the concerted efforts of global central banks to tide over the current financial turmoil, the market has moved up sharply today.
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The Sensex, which opened with a positive gap of 290 points at 10,817.68 this morning, is up with a massive gain of 707.74 points at 11,235.59 now. The Nifty is up 6.2% or 207.45 points at 3487.40.
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Bank stocks are leading the charge with the much battered ICICI Bank spearheading the rally. So sharp are the gains posted by stocks in that space that the BSE Bankex has shot up by nearly 11% today.
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At 443, ICICI Bank is up by 22% now. State Bank of India and HDFC Bank have gained 6.15% and 9.25% respectively. IDBI Bank has vaulted 14.1% to Rs 74.10. Axis Bank is up with a handsome gain of 13.2% at Rs 625. Short-covering and better than expected quarterly numbers have contributed to the rise of Axis Bank today. Yes Bank is up with a big gain of 16.5% at Rs 83.
Top gainers
Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, Indian Overseas Bank, IndusInd Bank, Kotak Bank, Oriental Bank of Commerce, Punjab National Bank and Union Bank of India are also up with strong gains.
Worst losers
Dena Bank, J&K Bank, Syndicate Bank, Indian Bank, Central Bank of India, Bank of Maharashtra and UCO Bank which are not part of the Bankex, have also recorded impressive gains today.
IT stocks have moved up sharply. Sector heavyweights Infosys Technologies (5.5%), Tata Consultancy Services (12.65%), Satyam Computer Services (8.95%) and Wipro (6.15%) have recorded big gains.
Moser Baer has zoomed 15.35% to Rs 111. Aptech is up by around 13.3%. Rolta India has gained 12.65%. Financial Technologies, Tech Mahindra, Patni Computer Services, Mphasis, Oracle Financial Services and NIIT have also moved up sharply today.
Index heavyweight Reliance Industries (4.1%) have moved up on strong volumes. Bharti Airtel (8.6%) and ONGC (3.15%) have also moved up and contributed significantly to the market's sharp rise today.
