Fun buying in fund stocks: Nifty crosses 18500: Sensex jumps 629 points

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Debt ceiling in US signaled to rise soon, break recession

MUMBAI: While the deadline for raising the debt ceiling to save the US from default is nearing, the Indian economy is expected to outpace global economic growth with recovery in global markets indicating that a decision may be taken soon as negotiations continue. Today there was an all-round boom in the stocks. Stocks continued to rally on sustained buying by Foreign Portfolio Investors (FPIs) as well as local funds and encouraging results from Corporate India. Sensex touched 62500 level and Nifty touched 18500 level as funds bought. Finally, the Sensex rose 629.07 points to 62501.69 and the Nifty spot jumped 178.20 points to close at 18499.35. Out of the total 3630 scrips traded in BSE, the number of gainers was 1907 and the number of decliners was 1600.

Funds boom in Reliance Industries

The fund rallied by Rs 66.55 to Rs 2,506.50 amid reports of Reliance Industries adopting a fast-track growth strategy in the retail sector, completing the acquisition of Lotus Chocolates and partnering with General Mills to launch Allen's Bugles in India.

IT index jumped by 387 points

Funds were broadly buyers behind the US stock market Nasdaq today on expectations that global business opportunities in the IT-software services, technology sector will pick up again and profitability of many companies will increase following cost cuts. The BSE IT index jumped 387.55 points to close at 29271.27. Nucleus Software rose by Rs.134.85 to Rs.809.20, Sonata by Rs.48.75 to Rs.975.55, Zensar Tech by Rs.15.55 to Rs.376.25, Mastec by Rs.73.75 to Rs. 1989.70, Koforge increased by Rs.164.85 to Rs.4466.85, Tata Alexi increased by Rs.209.35 to Rs.7467.15, Emphases increased by Rs.47.35 to Rs.1978.50.

Increasing attraction of funds in auto stocks

Funds continued to buy auto stocks on reports of new vehicle launches by companies and positive sales response, along with a bright growth outlook for the automobile industry. Cummins India gained Rs.84.60 to Rs.1734.80 on good results, Tube Investments rose by Rs.115.20 to Rs.9397.15, Balakrishna Industries rose by Rs.24.95 to Rs.2468.60, Eicher Motors rose by Rs. 35.75 up to Rs.3689, MRF up by Rs.924.80 to Rs.97,619, Uno Minda up by Rs.4.90 to Rs.546.50, Bosch up by Rs.168.35 to Rs.18,950.90 were The BSE Auto Index rose by 258.79 points to 32567.98.

Aggressive rally of funds in FMCG stocks

In FMCG stocks, funds started a fresh aggressive round of bullish activity today with extensive buying. Bacter's Food rose by Rs.59.60 to Rs.719.50, Tasty Bite by Rs.779.05 to Rs.11,719, Globus Spirits by Rs.61.95 to Rs.11,719, Zuari Industries by Rs.7.45 145.55, Varun Beverages rose by Rs.76.90 to Rs.1701.45, Marico rose by Rs.15.85 to Rs.544.25, Gillette India rose by Rs.112.90 to Rs.4391.60, Hindustan Unilever rose by Rs. .51.90 up to Rs.2651.60, Godrej Consumer rose by Rs.19.80 to Rs.1049.75. The BSE FMCG index rose 231.45 points to close at 18,127.40.

Break the slump in metal stocks

Metal-mining stocks rallied again today after a sell-off on China's negative report yesterday. Nalco increased by Rs.3.99 to Rs.84.51, Hindalco increased by Rs.9 to Rs.413.40, Jindal Steel increased by Rs.9.50 to Rs.520.30, Tata Steel increased by Rs.1.05 to Rs.106. 40, JSW Steel rose by Rs 4.65 to Rs 710.55, Vedanta rose by Rs 1.85 to Rs 297.65. The BSE Metal Index rose 205.73 points to close at 19,763.19.

Banking-finance stocks bullish

Banking-finance stocks witnessed widespread buying today as funds rebounded. Federal Bank increased by Rs.2 to Rs.125.30, ICICI Bank increased by Rs.10.75 to Rs.950.55, Bank of Baroda increased by Rs.1.70 to Rs.183.50, Kotak Mahindra Bank increased by Rs.15 to Rs. 1944.95, State Bank of India increased by Rs.4.55 to Rs.585.85. The BSE Bankex index rose 364.96 points to close at 49960.50.

Investors' wealth increased by Rs.2.34 lakh crore

Investors' wealth i.e. aggregate market capitalization of BSE listed companies increased by Rs 2.34 lakh crore to Rs 282.67 lakh crore in a single day due to turbulence in index based stocks and widespread buying in small, mid cap, cash stocks.

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