Nifty ends above 3200; Realty, IT, CG indices up 5-8 per cent

21 October 2008

The market has been continued its gain for the second straight day and closed sharply higher. The pullback rally was seen in the most beaten down stocks like realty, technology, capital goods, power, oil, telecom, FMCG and banking. Midcap and small cap stocks have followed the same trend.

The first couple of hours were pretty volatile while the second half of the session was very strong. Reliance Industries, TCS, Reliance Communication, SBI, Bharti Airtel, Infosys, Larsen & Toubro, HDFC, ICICI Bank and Tata Steel were leaders of this rally.

The Sensex went up nearly 527.11 points in an intraday trade to touch a high of 10,750.20. It has closed with a gain of 460.30 points or 4.5% at 10,683.39. The Nifty surged 112.1 points or 3.59%, to settle at 3234.90. It has hit a high of 3254.85.

On the global front, Asian markets ended slightly mixed. The Nikkei jumped 3.34%. Taiwan rose 0.22% and Jakarta gained 0.93%. However, Shanghai went down 0.78% and Hang Seng tumbled 1.84%. Straits Times and Kospi lost 0.95% each.

European markets were trading higher. FTSE was up 0.95%. CAC surged 2.52% and DAX gained 1.08%, at 3:50 pm.

France has invested USD 14 billion in BNP Paribas, Societe Generale and Credit Agricole. France, Germany, Spain, the Netherlands and Austria committed 1.3 trillion euros. Citic Pacific tumbled 55% on the back of USD 2 billion losses from unauthorized currency bets; it may face a bankruptcy if it doesn't secure loan from its parent company.