Markets end on a firm note

It was a good day for the markets as they traded strong and ended higher. There were no signs of volatility or weakness; the markets were riding on the back of strong Asian markets.The rally was also seen in midcap and smallcap stocks, which posted gains in line with frontline indices.

The Sensex closed up 169.70 points, or 1.23%, at 13965.86, and the Nifty up 57.65 points, or 1.41%, at 4,134.3.

SBI jumped 5% to Rs 1205.80.Tata Steel jumped4% to Rs 593. The stock has gained on renewed buying at lower level on expectation of strong Q4 March 2007 results. Tata Steel unveils Q4 results on 17 May 2007. FMCG giant Hindustan Lever advanced 4% to Rs 192.95 boosted by reports that the south-west monsoon is expected to hit the Kerala coast around 24 May 2007, one week earlier than the scheduled date of 1 June 2007.

The HLL stock had dropped 11.4% to Rs 185.45 in the fortnight ended 11 May 2007 after reporting a fall in net profit.Cement shares, too, got a boost from favourable reports of monsoon. Gujarat Ambuja Cements gained 4% to Rs 124.05, Grasim 2.5% to Rs 2490 and ACC 1.7% to Rs 865.Index heavyweight Reliance Industries rose 1.7% to Rs 1618.