Markets end on a high

The markets flared in the last one hour of the trading session, shrugging off the negative cues from Europe and mixed Asian markets.

The Sensex touched a new intraday high of 18,286 and finally closed at 18,282, up 233 points and the Nifty gained 72 points at 5,486.

The trend of smallcap and the midcap index outperforming the benchmark index was broken after nearly two weeks. The surge was mainly aided by the IT pack, which gained 2%.

Owing to the positive cues from the Asian markets the US markets overnight, the markets opened on a firm ground at 18,067.

As the day progressed the markets inched furthur to touch new intra day highs several times during the trade.

Around noon as the European markets opened in the red, its ripple effect could be felt in the Indian markets. The markets pared some of its gains but didn't fall below the day's low.

The broader markets continued to outperform throughout the day, barring the last hour in which the Sensex flared. After nearly two weeks the benchmark index soared by 1.2% compared to the smallcap at 0.6% and midcap at 0.7%.

Om Metals, gaining 20%, was one scrip which ruled the smallcap gainers list throughout the day. Forbes gaining 13%, Electrotherm adding 11% and Selan Exploration up 10% were other significant gainers in the smallcap space.

In the midcap space, Gujarat Narmada Valley Fertilizers added 9% and was the top gainer in this space.

Hindustan Oil up 8%, Gujarat State Fertilizers, IBN18 Broadcast and Chambal Fertilizers adding 7% were the other significant gainers.

On the BSE sectoral indices, the day started with the Auto index in the lead. However as the day progressed, it pared some of its gains and ended at 1.2%.

Realty made a short stay at the top of the charts around noon. Power, Capital Goods and Consumer Durables were some indices which remained in the red for the major part of the day.

Finally as the trade come to a close, IT index surged nearly 2% to lead the charts, followed by FMCG and Metal index up 1.4% each which was shining post noon. Power ended flat and Consumer Durables was the only index on the chart which ended in th red.

Bajaj Corp debuted today at a premium of 15% of Rs 760 on the National Stock Exchange against its issue price of Rs 660 per share.

The major gainers on the Sensex are metal giant Hindalco (Rs 176) and auto giant Tata Motors (Rs 1047) gaining 4% each.HDFC (Rs 621) and HDFC Bank (Rs 2188)adding 3% each were the other prominent gainers. IT czars TCS, Infosys added 2% each. FMCG major ITC too closed up 2%.

On the losers list, Relaince Communications shedding 1.1% (Rs 164) and was the top loser throughout the day. Index heavyweight RIL, slipped 0.6%(Rs 964) while Mahindra & Mahindra, Cipla and NTPC were the other major losers.

Market breadth was positive. 1671 stocks advanced as compared to 1272 declines.