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Saturday, November 21, 2009

Market rebounds on Ahluwalia comments; Sensex reclaims 17K

20 Nov 2009, ET Bureau

MUMBAI: Markets staged a smart recovery in the afternoon on Friday as bulls took charge of the rangebound session following comments from the government on capital inflows and tracking positive European markets.

According to reports, Planning Commission Deputy Chairman Montek Singh Ahluwalia ruled out the possibility of imposing tax to curb foreign funds. This gave a boost to traders who covered shorts in the last hour of session. Gains in European markets also helped boosted sentiments.

National Stock Exchange’s Nifty closed at 5052.45, up 63.45 points or 127 per cent. The broader index hit a high of 5063.30 and low of 4932.80.

Bombay Stock Exchange’s Sensex ended at 17021.85, up 236.20 points or 1.41 per cent. The index touched a high of 17041.79 and low of 16635.75.

“Major resistance for Nifty is seen at 5090. The index is likely to spend some time here as supply will emerge around these levels. Once this hurdle is breached then the next Nifty target is seen at 5200,” said Anu Jain, vice president - IIFL Private Wealth Management, India Infoline.

The BSE Midcap Index was up 1.08 per cent and BSE Smallcap Index moved 0.43 per cent up.

Amongst the sectoral indices, BSE Bankex was up 1.95 per cent, BSE Oil&gas Index moved 1.52 per cent higher and BSE Metal Index gained 1.37 per cent.

ACC (5%), SAIL (3.59%), Hindalco Industries (3.50%), M&M (3.25) and Jaiprakash Associates (3.24%) were amongst the top Nifty gainers.

Losers included Reliance Capital (-2.77%), Suzlon Energy (-2.46%), Reliance Power (-1.69%), Bharti Airtel (-1.50%) and HCL Technologies (-1.25%).

Market breadth was positive on the BSE with 1,452 advances and 1,240 declines.

European markets failed to hold on to early gains. FTSE 100 was down 0.34 per cent, CAC 40 slipped 0.62 per cent and DAX declined 0.51 per cent.

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