Nifty surges to 5200 as Eurozone woes ease
Tuesday, 11 May 2010
MUMBAI, May 10 (Economic Times): Indian markets bounced back with a bang Monday and erased most of previous week's losses after buying emerged across the board on the back of positive global cues.
The European Union and IMF reached an agreement on an emergency funding facility of around Euro 720 billion or $1 trillion in loan guarantees and credits to stabilise the eurozone.
"It was a short covering rally following positive news from the Europe. We are expecting profit booking in the Nifty around 5250-5300 and see the index slipping to 5100 -5150 levels," said Bharat Gala, senior technical analyst, Ventura Securities.
National Stock Exchange's Nifty closed at 5193.60.65, up 175.55 points or 3.50 per cent. The index touched a high of 5203.30 and low of 5026.60 in today's trade.
Bombay Stock Exchange's Sensex ended at 17330.55, up 561.44 points or 3.35 per cent. The 30-share index hit a high of 17356.54 and low of 16799.49.
BSE Midcap Index was up 2.40 per cent and BSE Smallcap Index moved 2.75 per cent higher.
Amongst the sectoral indices, BSE Realty Index surged 6.17 per cent, BSE Metals Index advanced 6.06 per cent and BSE Bankex moved 3.95 per cent higher.
"Banks and power are showing good strength while one should avoid telecom and fertiliser space," Gala added.
Reliance Infrastructure (8.81 per cent), Unitech (8.25 per cent), Tata Steel (7.72 per cent), Hindalco Industries (7.64 per cent), and DLF (6.97 per cent) led the Sensex rally.
Cipla (-6.42 per cent) and Hero Honda (-0.21 per cent) were the only index losers.
Shares of Reliance Infrastructure bounced back following a drubbing Friday after Reliance Natural Resources lost gas dispute case in the Supreme Court against Reliance Industries.
The European Union and IMF reached an agreement on an emergency funding facility of around Euro 720 billion or $1 trillion in loan guarantees and credits to stabilise the eurozone.
"It was a short covering rally following positive news from the Europe. We are expecting profit booking in the Nifty around 5250-5300 and see the index slipping to 5100 -5150 levels," said Bharat Gala, senior technical analyst, Ventura Securities.
National Stock Exchange's Nifty closed at 5193.60.65, up 175.55 points or 3.50 per cent. The index touched a high of 5203.30 and low of 5026.60 in today's trade.
Bombay Stock Exchange's Sensex ended at 17330.55, up 561.44 points or 3.35 per cent. The 30-share index hit a high of 17356.54 and low of 16799.49.
BSE Midcap Index was up 2.40 per cent and BSE Smallcap Index moved 2.75 per cent higher.
Amongst the sectoral indices, BSE Realty Index surged 6.17 per cent, BSE Metals Index advanced 6.06 per cent and BSE Bankex moved 3.95 per cent higher.
"Banks and power are showing good strength while one should avoid telecom and fertiliser space," Gala added.
Reliance Infrastructure (8.81 per cent), Unitech (8.25 per cent), Tata Steel (7.72 per cent), Hindalco Industries (7.64 per cent), and DLF (6.97 per cent) led the Sensex rally.
Cipla (-6.42 per cent) and Hero Honda (-0.21 per cent) were the only index losers.
Shares of Reliance Infrastructure bounced back following a drubbing Friday after Reliance Natural Resources lost gas dispute case in the Supreme Court against Reliance Industries.