Will the momentum continue?

One ought to keep one`s antennas on high alert to gauge any incidents. The immediate event to watch is the upcoming F&O expiry on Thursday.

Markets extended their gains to fourth straight trading session as firm cues from the international equity markets coupled with buying momentum in the index heavyweights like Reliance Industries, ONGC, DLF and ICICI Bank lifted the markets to surge higher. The benchmark Sensex posted its second biggest single day points gain simultaneously its biggest single day points rally since January 25, 2008. The rally could be attributed to buying momentum in scrip across the sectors. All the Sectoral indices on BSE ended in green.

Finally, the BSE benchmark Sensex added 928 points to 16,217 and the Nifty index added 267 points to close at 4,877. Overall about 2,076 stocks advanced; 639 stocks declined while 47 stocks remained unchanged. Among the 50 Nifty 48 stocks ended in positive territory. On the other hand, only 1 stock ended in red.

BSE Realty index (up 9.5%), BSE Bankex index (up 8.1%), BSE IT index (up 7.7%), BSE Power index (up 6.5%) and BSE Metal index (up 6.4%). BSE Mid-Cap index (up 6.3%) and Small-Cap index (up 4.8%).

Jet Airways surged by over 7% to Rs548. Reports stated that the company would sell 10% stake to FIIs before rights offer. The scrip touched an intra-day high of Rs558 and a low of Rs512 and recorded volumes of over 32,000 shares on BSE.

Aurobindo Pharma further gained by over 4% to Rs258 after the company on Monday announced that they acquired TAD Italy, a generic company with 70 ready-to-market products, for an undisclosed amount. The scrip touched an intra-day high of Rs261 and a low of Rs250 and recorded volumes of over 37,000 shares on BSE.

Sun Pharma slipped by 2.1% to Rs1252. According to reports, the USFDA has asked the US subsidiary of Sun Pharmaceuticals to withdraw many batches of its generic Metformin Hydrochloride tablets used for treating diabetes, citing efficacy and quality issues. The scrip touched an intra-day high of Rs1300 and a low of Rs1240 and recorded volumes of over 4,00,000 shares on BSE.

JP Associates rallied by over 16% to Rs233 after the company announced that they would sell 1% stake in unit to ICICI Bank. The scrip touched an intra-day high of Rs236 and a low of Rs207 and recorded volumes of over shares 78,00,000 on BSE.

Jyoti Structures surged by over 4% to Rs162 after the company said that they secured order worth US$39.64mn from Uganda Electricity. The scrip touched an intra-day high of Rs170 and a low of Rs157 and recorded volumes of over 25,000 shares on BSE.

Reliance Industries, manufacturers of petrochemicals, synthetic fibers and textile, plans to close down all the petroleum retail outlets owned by it directly, according to reports. The rising crude prices and the absence of government subsidies have made operations unviable, the report stated. The scrip ended at Rs2314 gaining by 5.1% after hitting an intra-day high of Rs2325 and a low of Rs2220 and recorded volumes of over 8,00,000 shares on BSE.

Four Soft was up by 1% to Rs23 after the company declared that they secured software contract from IAL Group. The scrip touched an intra-day high of Rs24 and a low of Rs22 and recorded volumes of over 2,00,000 shares on BSE.

One ought to keep one's antennas on high alert to gauge any incidents. The immediate event to watch is the upcoming F&O expiry on Thursday. The market may witness some extra volatility. So traders are advised to protect their profits.