Sensex, Nifty end up 1 per cent; metal, oil, banks, auto stocks up

22 August 2008

Markets ended in positive terrain after yesterdays sharp sell off. Buying was seen in metal, FMCG, banking, oil, auto and power stocks. Positive cues from European markets helped markets to remain positive in second half of session. Nifty Fifty turned back above 4300 mark.

Frontline indices had opened weak and traded with some choppiness but after 1 pm, both indices, due to strong European markets, started trading higher, which was expected.

The Sensex touched an intraday high of 14,428.52 and low of 14,136.86 before closing at 14,401.49, a gain of 157.76 points or 1.11% over previous close. Nifty ended at 4327.45, up 43.6 points or 1.02%. It has hit a high/low of 4337 and 4248, respectively.

BSE Midcap Index ended with a gain of 19.39 points or 0.34% at 5,726.85 while Small Cap Index fell 11.17 points or 0.16% at 6,925.85.

Inflation was non event of the day as it was in line with CNBC-TV18 estimates. It stood at 12.63% for the week ended August 9 as against 12:44% in earlier week. Inflation data for 14 June, 08 has been raised to 11.80% vs 11.42%.

Dealers say trading bounce back was on expected lines after yesterday's fall. Flows were mixed at FII desk and some buying interest was seen in large cap stocks at lower levels. But mood is still very cautious; India will mirror global markets in short term. They expect Nifty support at 4250 on downside.