Indian Stocks Soar With Global Markets, Led By Materials Stocks

Category: Investment, Indian Stocks

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POINT ROBERTS - October 28, 2011 - www.InvestorIdeas.com, a global investor research portal for independent investors, issues the following market and economic commentary for investors following investing in India.

Indian major indices posted their biggest intra-day gains on Friday in the past two-month helped by 2.70% jump on Dow Jones overnight following the Europe's leaders reached a deal to stem the region's debt crisis and the U.S. economy grew, easing some concerns.

The BSE India Sensitive Index, or Sensex, climbed 515.97, or 3%, to 17,804.80 in Mumbai. The index posted its biggest intra-day increase since Aug. 29, ended with weekly gain to 6.1 percent. Markets were closed yesterday for a holiday and opened for shortened trading on Oct. 26. The intraday high and low was 17,671.86 and 17,908.13.

National Stock Exchange, the 50-stock S&P CNX Nifty also rose 3.1% to finish at 5,360.70.

Stocks gains across the sector led by realty, auto and banking stocks, which were laggards recently. In the banking space CICI Bank surged 7.0% to 932.95 rupees followed by HDFC Bank addedp 2.3% at 482.50 rupees and State Bank of India jumped 2.2% to 1,907 rupees.

In the auto sector, TATA MOTORS added 7.82%, ASHOK LEYLAND surged 4.67%.

On the other hand, reality index climbed over 4% led by GMR INFRA rose 7.35%, DLF LIMITED soared 8.30%, UNITECH surged over 4% and PATEL ENGG. Gained over 6%.

Metals stocks continued its bullish trend with the index gaining 6.60% led by Sterlite Industries and Hindalco soared over 10%. Tata Steel, Jindal Steel and SAIL also rose 6-8%.

However, The market breadth was not very impressive with about 911 shares gained, while 524 shares declined on BSE.

Among the broader indices, the BSE Midcap and Smallcaps were up 1.4% and 0.9%, respectively.

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