Markets rebound as Realty up 8 per cent, CG, Power surges over 6 per cent

04 July 2008

Markets have rebounded sharply on the back of buying in heavily beaten down sectors like realty, capital goods, power, banking and FMCG, and managed to recover nearly half of gain, which lost in Thursday's trade. Especially, Realty and Capital Goods Indices shot up around 6.5% each. The Nifty has got back above 4000 mark, for that L&T, Reliance Industries, ICICI Bank, Reliance Communication, ITC, BHEL, HDFC, DLF and ONGC were big contributors.

Indices did not react to higher inflation numbers and even to weak European markets in today's session. Inflation for the week ended June 21 has inched up to 11.63% as against 11.42% in earlier week. It has revised to 8.27% for the week ended April 26 versus 7.61% earlier.

Finance Ministry sees inflation on higher side at 13% in near-term.

The Sensex has touched an intraday high of 13,509.74 and low of 13,027.79, before ending the day at 13,454, up 359.89 points or 2.75%. The Nifty clawed back above 4000 mark, which hit a high/low of 4033.50 and 3896.40, respectively. It closed at 4016, up 90.25 points or 2.3%.

In the F&O segment, shorts still remained in Nifty Futures, which added 34.8 lakh shares in open interest. Stock specific long build up has seen in today's trade. Capital Goods, Realty and Infrastructure stocks have seen fresh long build up.

Amongst frontrunners, Reliance Comm shot up 12.50%, Siemens 11.17%, Jaiprakash Associates 10.65%, Tata Power 9.78%, Unitech 8.01%, DLF 8.56%, BHEL 7.43% and Reliance Infra 7.21% while Sun Pharma plunged 4.27%, Sterlite Ind -2.64%, Tata Steel 2.64%, GAIL -2.57%, Cairn India -2.16%, Cipla -1.70% and TCS -1.30%.