Markets rally in late trade

MUMBAI, OCTOBER 19 (AGENCIES)Markets witnessed a sharp rally in the last half an hour of trade. Both the Sensex and the Nifty gained more than a percent. Markets witnessed a sharp rally in the last half an hour of trade. Volumes picked up and market breadth too strengthened towards close of trade with about 1137 shares having advanced, 920 shares declined, and 88 shares unchanged.

The Sensex closed up 58.28 points 5738.11, and the Nifty up 22.40 points at 1808.4. Strong buying was seen in bluechips and several mid-caps especially mid-cap pharma stocks.

Today’s trading saw markets rally and volumes pick up . Auto and metals shares flared in late trade.

BSE Oil & Gas index moved up 1.76%

Analysts see this as relief rally since oil prices have cooled off. In the F&O segment strong unwinding of positions and sturdy build-up in November series was seen in the final hours of trade.

Oil and gas stocks were the star performers especially ONGC, HPCL, and BPCL. The . The BSE PSU index also rallied 1.41%.

Technology stocks held gains through out the day, while metals especially Nalco, Tisco and Sail staged a smart run-up. BSE Metal index closed up 1.36%. Auto stocks too geared up led by Tata Motors, M&M and Maruti.

Cement, pharma, telecom and select media counters too witnessed good buying interest. However, FMCG hevyweights HLL and ITC continued to be the laggards, dragging the BSE FMCG index down 0.23%.