Thursday, January 22, 2015

Sensex, Nifty gain 1%; HDFC spikes 4%, Tata Motors rallies

The market remained strong, though there is some profit booking at higher levels while the broader markets underperformed benchmarks. Banking & financials and auto stocks led the market higher.

The Sensex climbed 313.53 points or 1.08 percent to 29319.55 and the Nifty jumped 83.15 points or 0.95 percent to 8844.55 whereas the BSE Midcap and Smallcap indices traded flat.

According to Deven Choksey of KR Choksey Securities, the market is likely to see both liquidity and volatility, and India is likely to see more fund flows on back of promises made by the government. “India will remain the centre point of focus", he adds.

Nifty, he says would reconsolidate between 8400-9000 and should not break above 9000 in a hurry but move up in a staggered manner.

Housing finance company HDFC extended rally, up more than 4 percent by topping the buying list on the Sensex. Tata Motors, Larsen & Toubro and Sun Pharma rallied 2 percent each.

HDFC Bank, ICICI Bank, State Bank of India, Mahindra & Mahindra, Bharti Airtel, Cipla and Hero Motocorp gained 1-1.8 percent whereas GAIL topped the selling list, down 1 percent followed by Infosys and Dr Reddy's Labs with marginal losses.

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