Markets end up 3 per cent on short covering, +ve global cues

28 January 2009

The benchmark indices continued their northward move for the second consecutive day and ended on a strong note led by short covering, ahead of expiry of January series. Positive global cues also lent support to the markets. The Sensex closed the session above the 9,200 mark while the Nifty touched 2,850 in late trade.

Broader indices followed the same trend as well. Shares of oil & gas exploration, banking, capital goods, realty, FMCG, power, technology and pharma companies witnessed buying interest.

The 30-BSE Sensex ended at 9,257.47 with a gain of 253.39 points or 2.81% while the Nifty closed the day at 2,849.50 up 2.82% or 78.15 points.

Leading contributors to today's trade were Reliance Industries, ONGC, ICICI Bank, SAIL, L&T, Infosys, DLF, HDFC, SBI, Wipro and BHEL.

Market breadth was positive due to an upmove in broader indices: about 1,410 shares advanced while 1,092 shares declined. Nearly 468 shares remained unchanged.

The major support was seen from shares of oil & gas exploration companies; Reliance Petroleum, Cairn India, Reliance Industries and ONGC rose 3.7-8%. BSE Oil & Gas Index was up 220.56 points or 3.76% at 6,089.46.