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Indian stock market daily closing report (November 20, 2009)

Contributed by Nirmal Bang

By Nirmal Bang

The key benchmark indices reversed early losses to rise sharply in afternoon trades post government comments on P-notes and source based news on banks' consolidation. The BSE Sensex closed at 17,021 up 236 points and the Nifty rose 1.27% or 63 points to settle at 5052 after seeing recovery of 120 points from days low. Buying was seen across all the sectors; banking, oil & gas, banking, metal, technology and cement were the major gainers. The market breadth was marginally positive. The Nov nifty future ended with 24 points premium at 5,076. For the week Nifty gained 1%.

The BSE bankex surged nearly 2 %. Dena Bank rose 13%, Syndicate Bank rose 8% and UCO bank rose 8%. Allahabad Bank rose 5.2 % while Oriental Bank of Commerce, Indian Overseas Bank and Canara Bank gained over 4 % each.

The oil & gas index on the BSE was up 1.5 %. Reliance Ind rose 2%.

The metal index rose 1.3 %. In the metal pack, Jindal Saw jumped nearly 7 %. Hindalco and SAIL were up over 3 % each.

In the Cement space, Acc was up 4.4%, Grasim up 2% and India Cem up 2.2%.

Among technology stocks, Infosys, Tcs and Tech Mah were up 0.7-1.95%.

Among the Sensex stocks, ACC was the top gainer. The stock soared 4.5 % to Rs 766. Hindalco gained 3.4 % and JP Associates ended 2.7 % higher.

Bharti Airtel, however, ended 1.4 % down at Rs 288.