Markets end strong; Power, banks, realty, CG, IT stocks rally

08 September 2008

Markets witnessed huge buying interest throughout the day and closed on a bullish note despite some selling pressure at higher levels in last one hour of trade. News of India received NSG approval for nuke-deal has played a significant role in today's trade. Bail out package for Fannie Mae and Freddie Mac from US government has lift positive sentiment across the Asian and European markets, which added strength to our markets.

Banking, capital goods, power, realty, technology and oil stocks led this rally followed by midcap and small cap stocks.

The Sensex has jumped over 623 points and Nifty rose 205 points to hit an intraday high of 15,107.01 and 4558, respectively. The Sensex 30 closed with a gain of 461.14 points or 3.18% at 14,944.97 and the Nifty surged 130 points or 2.99%, to settle at 4482.30.

All Sensex 30 stocks finished higher while only one stock closed in red in the Nifty Fifty. All BSE major indices ended in green.

Among the frontrunners, Sterlite Industries shot up 5.88%, Tata Communication 5.72%, Power Grid Corp 5.27%, HCL Technologies 4.95%, ICICI Bank 4.89%, SBI 4.81%, L&T 4.63% and NTPC 4.58%. However, BPCL lost 3.36%.

The 45-nation Nuclear Suppliers Group (NSG) has approved a US plan to engage in nuclear trade with India. Following the green signal by the NSG that will cement the Indo-US Civil Nuclear Deal, India has finally come out of the 34-year old nuclear apartheid.