Friday, March 25, 2011

Sensex zooms by over 400 points...Nifty tops 6560

The bulls had an excellent day on Friday, taking inspiration from Dhoni & Co. after they pulled off a splendid win over defending champions Australia in Ahmedabad last night. The Indian market extended its rally to a fourth straight trading session on Friday, ending the week with smart gains.

Today’s rally was led by IT heavyweights like Infosys, TCS and Wipro after reports stated that Nasscom has requested the Centre to extend the Software Technology Parks of India scheme for one year. IT stocks also received a boost following strong results from Oracle and Accenture.

Telecom, Banking and Realty stocks were among the other big gainers. Technically, after breaching the 50 DMA yesterday, the NSE Nifty jumped started its upswing today, inching closer to the 200DMA which is placed at 5684 levels.

"The undertone was dictated by persistently healthy gains in global equities this week, notwithstanding a series of ongoing concerns.  Also, fund inflows from both - overseas as well as domestic institutions have been pretty good in the past few days. In addition, the Government has shown signs of gradually pushing through some key pending reforms," says Amar Ambani, Head of Research (India Private Clients) - IIFL.

The BSE Sensex ended at 18,815 gaining 465 points. It had earlier touched a day's high of 18,858 and a day's low of 18,480. It opened at 18,480. While, the NSE Nifty rose 132 points to close at 5,654.

Among the BSE sectoral indices, the BSE IT index was the top gainer, the index gained 4% followed by BSE Teck index adding 3.5%, while, BSE Banking index gained 2.8%. BSE Mid-Cap index gained 1%, while the BSE Small-Cap index added 1%.

The European markets were trading with positive bias, the FTSE index was up 0.7%, CAC index was up 0.5% and DAX index was up 0.8%.

Outside the frontline indices, the big gainers in the broader market were Fintech, Corp Bank, PFC and Areva. On the other hand, losers included DB Realty, Jubilant Life, Pantaloon and IndusInd Bank.

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