Markets opened lower and was directionless in the first half before hitting day`s low in early afternoon. However, the key stock indices gained ground on the back of short covering in Banking stocks. Among the sectoral indices, banking and IT were the top gainers. On the other hand, Oil & Gas, FMCG and select Realty stocks took a beating.
At the close, the benchmark 30-share index, BSE Sensex added 68.22 points or 0.36% at 19,046.54 with 17 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 20.55 points or 0.36% at 5,711.60 with 29 components posting rise.
Amar Ambani, Head of Research, IIFL said, "On a day when Asian markets tanked amid concerns about further monetary tightening in China and European markets extended losses, it was a commendable show on the part of the Indian markets. And, if it wasn`t for the weakness in index bellwethers Reliance, ONGC and ITC, the key indices could have done much better".
ICICI Bank contributed rise of 39.27 points in the Sensex. It was followed by Infosys Technologies (22.6 points), HDFC Bank (18.78 points), Housing Development Finance Corporation (16.07 points) and Tata Consultancy Services (12.76 points).
However, Reliance Industries contributed fall of 27.36 points in the Sensex. It was followed by ITC (25.19 points), Oil & Natural Gas Corporation (12.91 points), Bharti Airtel (6.29 points) and Tata Steel (3.77 points).
Major gainers in the 30-share index were ICICI Bank (2.67%), Jindal Steel & Power (2.33%), HDFC ank (1.94%), Reliance Communications (1.72%), Tata Consultancy Services (1.53%), and Housing Development Finance Corporation (1.50%).
On the other hand, ITC (2.16%), Oil & Natural Gas Corporation (2.02%), Bajaj Auto (1.75%), Reliance Industries (1.20%), Bharti Airtel (1.09%), and Sterlite Industries (India) (0.80%) were the major losers in the Sensex.
MID & SMALL CAP: The BSE Mid and small caps underperformed their larger counterparts gaining 0.14% and 0.04% respectively.
The major gainers in the BSE Midcap were A I A Engineering (3.79%), A2Z Maintenance & Engineering Services (1.42%), Alok Industries (0.8%), Alfa-Laval (India) (0.69%) and ABG Shipyard (0.53%).
The major gainers in the BSE Smallcap were Genesys International Corporation (5.47%), Action Construction Equipment (2.17%), Ador Welding (0.82%), Reliance MediaWorks (0.41%) and Aegis Logistics (0.33%).
SECTORS IN LIMELIGHT: The Bankex index was at 12,254.41, up by 200.59 points or by 1.66%. The major gainers were Canara Bank(2.45%), HDFC Bank (1.94%), Bank Of India (0.98%), Federal Bank (0.56%) and Bank Of Baroda (0.33%).
The IT index was at 6,716.80, up by 75.15 points or by 1.13%. The major gainers were Mphasis (2.24%), Infosys Technologies (1.14%), Tech Mahindra (0.85%), HCL Technologies (0.78%) and Patni Computer Systems (0.31%).
The TECk index was at 3,930.05, up by 29.47 points or by 0.76%. The major gainers were Mphasis (2.24%), HT Media (1.71%), HCL Technologies (0.78%), GTL (0.43%) and Reliance MediaWorks (0.41%).
On the other hand, the Oil & Gas index was at 9,669.99, down by 147.21 points or by 1.5%. The major losers were GAIL (India) (3.37%), Hindustan Petroleum Corporation (2.09%), Bharat Petroleum Corporation (1.6%), Cairn India (0.58%) and Indian Oil Corporation (0.05%).
MARKET BREADTH: Market breadth was negative with 1,386 advances against 1,492 declines.
VIEWS FROM DIFFERENT BROKING HOUSES:
BONANZA PORTFOLIO (PUNEET KINRA): "Nifty showed good recovery from support near 5,625 levels and closed above 5,700 levels. Nifty`s very short term trend has turned up. However, Result of Reliance Industries may have significant effect on market sentiments. Volatility is likely to continue till Nifty sustains well above 5,850 level".
BONANZA PORTFOLIO (AVINASH GUPTA): "Results of Reliance Industries, PNB, ITC and BHEL are due tomorrow. The market is expected to consolidate in a range of 5,550/5800. The market is expected to be volatile in view of the expiry of derivative contracts due on January 27".
ANGEL BROKING HOUSE: "Markets opened down with a gap, traded in a narrow band but witnessed recovery from days low in the later half of the session to close in green. On the daily charts we are observing sideways consolidation for the fourth consecutive trading session".
