1,420 stocks gain amid market rally yesterday, Ramkrishna Forgings, Monnet Ispat shares soar

PTI Posted online: Friday, Nov 15, 2013 at 0000 hrs
Mumbai : With the stock market making a comeback after seven sessions of losses yesterday, 1,420 scrips had advanced on the BSE, the highest so far this week.

The 30-share S&P BSE Sensex yesterday closed at 20,399.42, a gain of 205.02 points or 1.02 per cent. In the previous seven sessions, the index had lost 1,044.96 points or 4.92 per cent.

With the recovery in the stock market, 1,420 scrips rose at the BSE yesterday, with Onward Technologies leading the chart as it shares shot-up by 19.96 per cent.

Shares of Ramkrishna Forgings skyrocketed by 19.63 per cent, while Monnet Ispat & Energy surged 17.72 per cent and Career Point rallied 17.28 per cent.

The list of gainers also include blue-chips such as Tata Motors which gained 5.52 per cent, ICICI Bank (3.58 per cent), PNB (2.96 per cent) and Jindal Stainless (2.82 per cent).

"Post a strong quarter of earnings and comments from the new Fed Chief, indicating delay in any tapering of QE, markets rallied," said Rajat Rajgarhia, Director Research, Motilal Oswal Financial Services Ltd.

Recovery in the market came on the back of a global rally fuelled by US Federal Reserve chief's dovish statement, indicating a continuation of the country's easy money policy.

Overseas stocks gained after Janet Yellen, nominated by President Barack Obama to lead the Fed, indicated the stimulus programme would continue. Yellen said the US economy has farther to go to regain lost ground, as per a statement on the Fed website.

"A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools," Yellen had said.

According to Nidhi Saraswat, Senior Research Analyst at Bonanza Portfolio Ltd: "Sentiment got boosted by positive global cues and US Fed's statements."

"RBI Governor gave positive remarks over containing currency movement as well as CAD in near future also boosted the market trend," she added.

Over the previous three days, 1,051 stocks had gained on Wednesday, while 982 scrips rose on Tuesday and 1,027 on Monday.