Markets: Bull-run continues

Wednesday, November 22, 2006 (Mumbai):The markets ended firm on Wednesday after a strong session with the Sensex and the Nifty closing at all-time highs.The Sensex surged 90 points to close at 13,706 levels. It touched the all-time high at 13,740 levels in the intra-day trade.In the broader markets, the Nifty gained 36 points or 0.9 per cent to end the day at 3954 levels. It hit the all-time high at 3960 levels by close of trade."We are on a basic up trend since June. I expect the Sensex to touch 17,400 levels by budget," said Kiran Jadhav, Technical Analyst, Khandwala Securities.Satyam Computer, which surged 5.4 per cent or Rs 24, was the biggest gainer at the Sensex. Reliance Energy, Reliance Communication, hero Honda, Wipro, Bharti Airtel, L&T, Tata Motors and BHEL were the other key gainers.However, HLL, ITC Ltd, HDFC Bank, Infosys Technologies, Tata Steel, HDFC and TCS closed in the red.Capital goods gainCapital goods index was the biggest gainer among sectoral indices. It gained 2.8 per cent or 247 points.Siemens India (up9.7 per cent),Aban Lyod (up 5 per cent), SKF Bearings (up 3.1 per cent), ABB (up 2.9 per cent), Crompton Greaves (up 2.2 per cent) and Carborundum Universal (up 1.6 per cent) logged smart gains besides Larsen & Toubro and BHEL.In the auto space, Hindustan Motors, Exide Industries, Cummins India, Sundram Fasteners, Sundaram Clayton, Amtek Auto, Hero Honda, Tata Motors, Maruti Udyog gained ground.Among technology stocks, HCL Infosystems, Wipro, Hexaware, Patni Computer, Mphasis and HCL Technologies firmed up besides Satyam Computer.Gaining altitudeIn the bank space, Bank of Baroda, Vijaya Bank, Bank of India, Andhra Bank, SBI, ICICI Bank, Union Bank, UTI Bank and Kotak Mahindra Bank closed in positive turf.Gains were also visible in select metal scrips. Hindustan Zinc, Jindal Saw, Sesa Goa, NALCO, Sterlite Industries, SAIL and Jindal Stainless firmed up.Airline stocks gained altitude on Wednesday. Jagson Airlines, which moved up 17.8 per cent at Rs 24 levels, was the top gainer."Airline companies will not be making profits for next few quarters. I think there are people who would like to buy on these stocks and hold on for long," said I V Subramanium, Senior Fund Manager, Quantum AMC.Spicejet (up 15.9 per cent), Deccan Aviation (up 6.4 per cent) and Jet Airways (up 4.7 per cent) also closed in the green.

Source : NDTV