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Bulls may extend gains

This article was posted on Feb 7, 2009 and is filed under Market News

Looking at the stellar session on Friday, markets might look to extend gains.

Markets ended with an upbeat on Friday with the benchmark index closing at 9,300 and the Nifty shutting shop above the 2,800 mark. The rally was mainly on account of firm cues from the overseas equity markets. The oil & gas, metal and banking stocks were in demand also the mid-cap and the small-cap stocks hogged the limelight. Finally, the Sensex surged 209 points to close at 9,300 and the Nifty advanced 63 points to close at 2,843.

Among the 30-components of Sensex, 28 stocks ended in the positive terrain and only 2 stocks ended in the red. The major gainers in the Sensex were Ranbaxy, Grasim, Tata Motors, ICICI Bank, Reliance Industries and TCS.

On the other hand the major laggards were Hindustan Unilever and DLF.

Shares of Tata Motors surged by over 4% to Rs137 after the company said that three quarters of its purchases have been paid immediately through an arrangement with banks. The scrip touched an intra-day high of Rs139 and a low of Rs132 and recorded volumes of over shares 6,00,000 on BSE.

Maytas Infra was locked at 5% lower circuit to Rs57.1. The company announced that it issued a legal notice to Vedanta Aluminum alleging fraudulent and illegal encashment of two bank guarantees valued at Rs640mn. The scrip touched an intra-day high of Rs57.1 and a low of Rs57.1 and recorded volumes of over 6,000 shares on BSE.

Shares of JSW Steel surged by over 7% to Rs210 after the company announced that production of crude steel increased by 41% to 321,000 tons in January. The scrip touched an intra-day high of Rs213 and a low of Rs199 and recorded volumes of over 2,00,000 shares on BSE.

Shares of Satyam Computer surged by over 2% to Rs47 after the board of directors f the company announced that they appointed A S Murty as Chief Executive Officer, effective immediately.

The Board has also appointed Homi Khusrokhan and Partho Datta as Special Advisors, to assist in Management and Finance areas, respectively. The scrip touched an intra-day high of Rs49.5 and a low of Rs46 and recorded volumes of over 16,00,000 shares on BSE.

Shares of Kingfisher Airlines advanced by 1% to Rs32. The company deferred its first delivery of the Airbus SAS A380 double-decker to 2014 from 2012. The scrip touched an intra-day high of Rs34 and a low of Rs32 and recorded volumes of over 81,000 shares on BSE.

source: Indiainfoline

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