Nifty ends above 5750, Sensex gains 265
Buying was seen in the midcap counter, while pharma and high beta stocks too boosted the market.
Mumbai: After a tiring Monday, the market gained mighty strength on Tuesday. The market ended trading session at the highest point of the day. The Sensex closed at 19143.17, gaining 265.21 points or 1.40 percent while the Nifty added 85.75 points or 1.50 per cent to end at 5784.25.
Buying was seen in the midcap counter, while pharma and high beta stocks too boosted the market. Positive European markets added to the euphoria.
Some of the biggest gainers of the day were Sterlite Industries, Hindalco, Tata Motors, ICICI Bank and Wipro (up around 4.5-3.3 per cent each).
Essar Oil which which was badly battered on Monday's trade gained 21 per cent to close at Rs 88 on the BSE. Goldman Sachs has maintained a 'buy' rating on Essar Oil with a target price of Rs 110, an upside of over 45 per cent from the current market price, after the company received phase III environmental clearance for the Raniganj coal bed methane (CBM) block.
Another big mover of the day was Alembic Pharma which was up 15.2 per cent at Rs 92.20 on the BSE. It had touched intraday 52-week high of Rs 94.45 (up 18 per cent over previous day's price) on Tuesday after the company received approval from the US FDA for its Desvenlafaxine base extended release tablets.
Among the other healthcare stocks, Aurobindo Pharma (up 6.6 per cent), Cipla and Ranbaxy were the major gainers on Tuesday, DLF was up 3.6 per cent as the board of directors will meet on Wednesday, March 6 to consider offer for sale. HCL Tech touched a fresh 52-week on Tuesday (closed at Rs 746.10).
In the midcap space, PC Jeweller (up 11.8 per cent), Arvind (up 9.1 per cent), IndiaBulls Real estate (5.5 per cent) were the gainers.
Meanwhile top losers on the Sensex included Bajaj Auto, BHEL, ITC and NTPC. JP Morgan Securities lowered its rating on Bajaj Auto to "underweight" from "neutral" and cut its target price to Rs 1,800 from Rs 2,060. JP Morgan cited a weakening outlook for two-wheeler growth due to rising fuel prices and high inflation.