Tuesday, March 8, 2011

Nifty ends 58 points up; Bharti, Suzlon, ONGC gain

Indian markets ended on a positive note as easing crude oil prices and reports of efforts between DMK and Congress over seat sharing ahead of Tamil Nadu elections boosted sentiments. Oil prices fell over $2 per barrel after reports that OPEC was likely to boost oil production in order to stem rising prices.

Markets opened in the green taking cues from Asian peers and as buying emerged after profit booking in previous session. The benchmarks held on to their gains and moved higher towards the close of session as the DMK leaders met Finance Minister Pranab Mukherjee.

We believe the political environment will remain uncertain in the near term as various political parties shift positions in the run-up to assembly polls. This may keep financial markets volatile in the near term. However, medium-term performance of markets will still be shaped by the evolving macroeconomic outlook, said Edelweiss report.

Bombay Stock Exchange s Sensex ended at 18439.65 up 216.98 points or 1.19 per cent. The 30-share index touched a low of 18266.62 and high of 18466.81 intraday.

National Stock Exchange s Nifty closed at 5520.80, up 57.65 points or 1.06 per cent. The broader index touched a low of 5464.75 and high of 5530.55 in today s trade.

BSE Midcap Index was up 0.97 per cent and BSE Smallcap Index moved 0.76 per cent higher.

Amongst the sectoral indices, BSE IT Index was up 1.90 per cent, BSE Metal Index moved 1.49 per cent higher and BSE Bankex moved 1.48 per cent up.

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