New Year sees Nifty end at 52-week high
Tuesday, 5 January 2010
MUMBAI, Jan 4 (Economic Times): Benchmarks ended near their 52-week highs on the first day of calendar year 2010 led by gains in auto, metals and FMCG stocks. Broader markets continued to outperform the benchmarks.
Markets opened subdued following block deals in Reliance Industries but recovered losses on expectations of better third quarter results and GDP growth. Encouraging auto and cement sales and positive European markets helped indices to close higher.
"Quarterly earnings, RBI's policy moves and the Union Budget will be the key events that will drive the sentiment in the initial few weeks. Global economic data points and earnings will also have a bearing but to a lesser extent.
Trends in fund flows and movement in other markets (currency and commodities) will be among the other key triggers," said Amar Ambani, head of research, India Infoline.
National Stock Exchange's Nifty closed at 5232.20, up 31.15 points or 0.59 per cent. The index touched 52-week high of 5238.45 and low of 5167.10.
Markets opened subdued following block deals in Reliance Industries but recovered losses on expectations of better third quarter results and GDP growth. Encouraging auto and cement sales and positive European markets helped indices to close higher.
"Quarterly earnings, RBI's policy moves and the Union Budget will be the key events that will drive the sentiment in the initial few weeks. Global economic data points and earnings will also have a bearing but to a lesser extent.
Trends in fund flows and movement in other markets (currency and commodities) will be among the other key triggers," said Amar Ambani, head of research, India Infoline.
National Stock Exchange's Nifty closed at 5232.20, up 31.15 points or 0.59 per cent. The index touched 52-week high of 5238.45 and low of 5167.10.