Indices ended near day’s highs on Wednesday as optimistic foreign institutions continued to pour funds in frontline stocks despite rocky world markets. FMCG, oil & gas and auto led the rally while IT stocks ended marginally lower.
Market opened lower extending overnight losses on concerns of global economic crisis which pinned down major US and Asian indices. However, sustained buying activity in Reliance Industries helped the benchmarks to stay aloft in the green as the session progressed. Bounce back in Europe later in the day helped indices to end above psychological resistance levels.
According to analysts, India’s growth story is encouraging the FIIs with investments even in uncertain times. Indian markets may fall sharply in line with others incase of a global market meltdown but will recover quickly.
“Our GDP growth is expected to be better than China. The monsoon so far has been better and is likely to boost the economy. India and Brazil are two stars in gloomy world markets.
Depending on the headwinds from global markets, we may see a sharp correction but we’ll fall to recover faster than others,” said Vinit Bolinjkar, head of research, Ventura Securities.
Bombay Stock Exchange’s Sensex closed at 17700.90, up 166.81 points or 0.95 per cent. The index touched intraday low of 17373.78 and high of 17725.04.
National Stock Exchange’s Nifty ended at 5312.50 up 56.35 points or 1.13 per cent. The broader index hit a low of 5210 and high of 5320.35 in today’s trade.
BSE Midcap Index was up 0.46 per cent and BSE Smallcap Index was up 0.44 per cent.
Amongst the sectoral indices, BSE FMCG Index moved 1.90 per cent higher, BSE Oil&gas Index gained 1.62 per cent up and BSE Auto Index moved 1.07 per cent higher.
IDFC (4.41%), Idea (4.28%), BPCL (4.27%), Kotak Bank (3.70%), and ITC (3.12%) were amongst the top Sensex gainers.
Sumitomo Mitsui Financial Group said it has agreed to buy a 4.5 per cent stake in Kotak Mahindra Bank for $296 million, as Japan's No 3 bank steps up efforts to expand its overseas operations.
Bharti Airtel (-1.28%), GAIL (-1.26%), Wipro (-1.19%), TCS (-0.24%) and Tata Power (-0.23%) were the major index losers.
Market breadth was positive on the NSE with 1731 advances against 1407 declines.
Market opened lower extending overnight losses on concerns of global economic crisis which pinned down major US and Asian indices. However, sustained buying activity in Reliance Industries helped the benchmarks to stay aloft in the green as the session progressed. Bounce back in Europe later in the day helped indices to end above psychological resistance levels.
According to analysts, India’s growth story is encouraging the FIIs with investments even in uncertain times. Indian markets may fall sharply in line with others incase of a global market meltdown but will recover quickly.
“Our GDP growth is expected to be better than China. The monsoon so far has been better and is likely to boost the economy. India and Brazil are two stars in gloomy world markets.
Depending on the headwinds from global markets, we may see a sharp correction but we’ll fall to recover faster than others,” said Vinit Bolinjkar, head of research, Ventura Securities.
Bombay Stock Exchange’s Sensex closed at 17700.90, up 166.81 points or 0.95 per cent. The index touched intraday low of 17373.78 and high of 17725.04.
National Stock Exchange’s Nifty ended at 5312.50 up 56.35 points or 1.13 per cent. The broader index hit a low of 5210 and high of 5320.35 in today’s trade.
BSE Midcap Index was up 0.46 per cent and BSE Smallcap Index was up 0.44 per cent.
Amongst the sectoral indices, BSE FMCG Index moved 1.90 per cent higher, BSE Oil&gas Index gained 1.62 per cent up and BSE Auto Index moved 1.07 per cent higher.
IDFC (4.41%), Idea (4.28%), BPCL (4.27%), Kotak Bank (3.70%), and ITC (3.12%) were amongst the top Sensex gainers.
Sumitomo Mitsui Financial Group said it has agreed to buy a 4.5 per cent stake in Kotak Mahindra Bank for $296 million, as Japan's No 3 bank steps up efforts to expand its overseas operations.
Bharti Airtel (-1.28%), GAIL (-1.26%), Wipro (-1.19%), TCS (-0.24%) and Tata Power (-0.23%) were the major index losers.
Market breadth was positive on the NSE with 1731 advances against 1407 declines.
Posted in: Business News
0 comments:
Post a Comment