MUMBAI: Sustained buying in index heavy-weights, especially ICICI Bank, helped benchmarks surge over 6 per cent Monday. Major interest was seen in banks, metals and IT stocks. At 1 pm, Bombay Stock Exchange’s Sensex was at 11214.37, up 686.52 points or 6.52 per cent. The 30-share index touched an intra-day high of 11,267.97 and an intra-day low of 10,817.68.

National Stock Exchange’s Nifty moved to 3484.40, up 6.23 per cent or 204.45 points. The broader index touched a high of 3,487.40 and low of 3,272.90.

BSE Midcap Index was up 3.34 per cent and BSE Smallcap Index moved 2.87 per cent higher.

ICICI Bank (20.98%), TCS (12.22%), Sterlite Industries (12.16%), Reliance Infrastructure (11.84%), Satyam Computer Services (11.09%) were the major Sensex gainers.

Ranbaxy Laboratories (-1.16) was the only laggard.

Tata Consultancy Services was up 11.85 per cent after signing a deal with the Ministry of External Affairs, Government of India, for the passport seva project, the largest mission-critical e-governance project valued at Rs 1,000 crore.

Sanjivani Paranteral acquired a new pharmaceutical manufacturing plant in Uttarakhand. The plant is WHO-GMP and MCA South Africa compliant and has capacity to produce 1,000 million units of tablets and 10 million units of dry syrups per annum. The stock was up 2.08 per cent.

Ranbaxy Laboratories has submitted an investigational new drug application to the Drug Controller General of India for permission to initiate phase-I human clinical trials. The company was the sole loser on the BSE Sensex.

Axis Bank rose more than 13 per cent after it posted 77 per cent jump in July-September net profit to Rs 402.91 crore.

Sterilte Technologies received contracts for its fiber optical cables for deployment by leading telecom Incumbents in Sub-Saharan Africa for the expansion of their telecom backbone infrastructures. The contracts are worth of $52 million to Sterlite and supplies would be executed with FY08-09. The stock was up 8.60 per cent.

Market breadth was positive on the BSE with 1559 advances and 914 declines.

Major Asian markers were in the green. Hang Seng surged 7.44 per cent, Strait Times gained 5.45 per cent, Kospi was up 3.79 per cent, Shanghai Composite climbed 2.41 per cent. Japan’s Nikkei was shut for the Sports Day holiday.

Europe too opened with a gap-up after European governments agreed to provide capital for cash-strapped banks and to insure or buy into new debt issues. FTSE 100 was up 5.27 per cent, DAX 30 moved 4.98 per cent and CAC 40 gained 5.31 per cent.

Source: Economictimes

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