29 Apr 2009, ET Bureau
MUMBAI: The Indian stock markets surged to close on a high note Wednesday as traders covered short positions on the day of April F&O series expiry. Positive Asian and European markets provided further boost. Heavy buying was seen in IT and banking space while healthcare space ended with modest gains.
Markets began the day with a gap-up opening, brushing aside fears of swine flu overseas and recovered more than previous day’s loss.
“Markets reacted to yesterday’s fall and with positive global markets, this kind of upmove was expected. Traders are bullish on the market as May series is at a premium and on rollover of long positions despite a long week-end,” said Rajesh Baheti, managing director, Crossseas Capital Services.
The Sensex closed at 11,403.25, higher by 401.50 points or 3.65 per cent from Tuesday’s close. The 30-share index moved between 11,430.25 and 11,091.56 during the day.
The Nifty ended at 3473.95, higher by 111.6 points or 3.32 per cent from the previous close. The NSE benchmark recorded a high of 3486.40 recovering from an early low of 3366.70.
“The way things turned out today, it looks positive for the next week. Nifty may even touch 3600 provided global markets lend support. But investors should reduce positions after next week as market may turn volatile in run-up to election results,” Baheti added.
The BSE Midcap Index ended 1.83 per cent higher and BSE Smallcap Index climbed 1.35 per cent. Amongst the sectoral indices, BSE IT Index was up 4.95 per cent, BSE Bankex gained 4.47 per cent and BSE Oil&gas Index moved 3.48 per cent higher. BSE Healthcare Index ended modestly 1 per cent higher.
The top Nifty gainers included ICICI Bank, Sterlite Industries, Tata Power, Reliance Capital, Suzlon and Infosys Technologies. The only losers among the Nifty 50 stocks were Reliance Power, Idea Cellular, Grasim Industries, Ambuja Cements and Nalco.
Market breadth on BSE was positive with 1,433 advances against 1,025 declines.
Indian markets will be shut for the rest of the week on account of polling for general elections Thursday and Labour Day Friday.
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