Increased buying in large caps such as L&T, SBI, Reliance and HDFC saw buying momentum pushing markets to close higher in trade today. The rangebound trades for the last two weeks sees the market await some kind of a trigger to give it direction in the coming periods. The Sensex closed 75.71 points higher to close at 17633.45 points, while the Nifty closed 27.50 points higher at 5347.90 points.
On the global market scenario, Asia ended lower, but on a marginal basis on concerns of a slowing global economy. Japan reported lower than expected at 1.4 percent vs expectations of 2.7 percent growth. Sure to slow down hopes of a recovery. On the European markets, Greece’s lower GDP numbers did not bother investors, as they pared losses to trade marginally higher.
On the individual stock front, Sterlite rose 2.66 percent, ONGC saw higher volumes of profit booking to cut its gains of 3.5 percent to 0.5 percent. KingFisher airlines gained 20 percent hitting an upper circuit even though it reported lower earnings. Possible reasons could be that the stock was sold short all the while and markets participants do not expect the rally to hold further. Maruti gained on expectations of the co. restarting operations at its Manesar plant.
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(Moneycontrol and Economic Times)
Categories: General News