Search Now

Recommendations

Wednesday, June 29, 2011

Sensex ended at 18,694 adding 201 points. Nifty closed at 5,600.4 adding 55 points.


It was another splendid day on the Indian bourses, with the main equity indices ending with smart gains on the back of healthy global cues and improved FII inflows. With this, the Indian market has extended the recent upswing to five straight trading sessions.


The benchmark indices registered their longest winning streak in almost three months. The Nifty closed above the 5600 mark for the first time since May 2.


The indices opened with a gap and from there on there was no looking back. The Nifty rose steadily throughout the day, led by FMCG, Metals and Banking stocks. The Mid-Cap and the Small-Cap index gained 0.8% each.




"The mood in the Indian market has taken a sudden "U" turn in the past few days, notwithstanding the pressure points like high inflation, spiraling interest rates, drop in capital investments and policy impasse at the Centre. FII inflows have been a major driver of this rally. The fuel price hike last week added to the optimism, as did the pick-up in the offshore markets. World markets will closely watch developments in Greece over the next couple of days as the debt-strapped nation awaits a crucial parliament vote on new budget cuts,"says Amar Ambani, Head of Research, IIFL - India Private Clients.


The BSE Sensex ended at 18,694 adding 201 points. It had earlier touched a day's high of 18,715 and a day's low of 18,552. It opened at 18,552. The NSE Nifty closed at 5,600.4 adding 55 points.

Sterlite Inds,ITC,HUL,HDFC Bank,Reliance Infra,Ranbaxy, Sesa Goa and Sun Pharma are the major gainers in Sensex and Nifty.


ONGC,Bajaj Auto,JP Associates,DLF, Cairn, BPCL are the major laggards in the Sensex and Nifty.