Nifty ends strong for 3rd consecutive day, surges 259 pts
The benchmark Nifty closed strong for third consecutive day on short covering and positive global cues. The index rallied 259 points in three days and got back above the 5050 level while for the week it gained just 134 points.
The Sensex closed at 16863, up 196 points and the Nifty was at 5066, up 63 points, as per provisional data. At 14:37 hours IST, the benchmark indices strengthened again after some consolidation with positive bias. Metal and realty rallied 4% each. Among the others, FMCG, Automobiles Sector and Power Sector indices gained 1-1.8%. European markets also moved up further and gained 0.4-0.6% after flat trade since opening.
Heavyweights like Reliance Industries, ONGC, NTPC, SBI, TCS, ICICI Bank and BHEL were quite supportive today, gained 1-1.5%. The Sensex was trading at 16867, up 200 points and the Nifty was at 5067, up 64 points. However, the Nifty June future was trading with 20 points discount.
The broader indices continued to outperform the benchmark indices; the BSE Midcap Index was up 1.6% and the Smallcap was up 1.5%. The market breadth was positive; about 2005 shares advanced while 903 shares declined on the BSE. Nearly 390 shares were unchanged.
Top gainers – Sterlite Industries was trading at Rs 685.10, up 6.37%; Suzlon Energy was at Rs 61.15, up 5.25%; Jindal Steel was at Rs 653.85, up 5.08%; SAIL was at Rs 206.45, up 3.82%; DLF was at Rs 280.50, up 3.70%; M&M was at Rs 546.55, up 3.38% and Reliance Communications was at Rs 143.60, up 3.16%.
Top percentage gainers – DCM and Saksoft were locked at 20% upper circuit. DandH Welding, Gujarat Capital Venture, Andhra Cement, Store One, Accel Frontline and Oudh Sugar Mills were up 16-19.7%.
In the midcap space, Parsvnath, Shree Renuka, Pipavav, Pantaloon Retail and Indian Hotels went up 6-9% while Hindustan National Glass, Rajesh Exports, GSFC, Info Edge and Fortis Health lost 3-5%.
In the smallcap space, Sakthi Sugars, Gallantt Metal, Sudarshan Chemical and Ahmednagar Forging rallied 8-12%. However, Goodyear, aurionPro Solution, Indo Rama Synth, Shristi Infra and Subhkam Capital fell 5-9%.
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