Nifty ends above 3200 on strong global cues; Realty up 9 per cent

02 April 2009

The markets staged a spectacular rally, on the back of strong global cues. It was the highest closing for the markets in the last 6-month. Investors across the globe were closely tracking the meeting of G20 leaders in London.

It was a synchronised move by bull cartel to squeeze out bears. Markets are eyeing for some positive announcement from the G-20 meet, which started today in London. Investors are expecting that this may help the major global economies to revive from the global recession. 

Upsurge in rate sensitives, infrastructure and commodities stocks elevated the Nifty above the 3200 mark and the Sensex above the 10400 levels during the day. The broader indices followed the same trend throughout the session, which kept the market breadth in favour of advances.

The main supporters behind today's rally were FIIs, who covered their short positions aggressively. Long only funds were also buyers in the large caps. Lot of momentum and frenzied buying was seen in the midcaps and smallcaps. Dealers expect the Nifty resistance at around the 3250 and said midcaps may outperform in near term.

The 30-share Sensex surged 530 points, to touch an intraday high of 10,432.31 during the day, before closing the day 4.51% or 446.84 points higher at 10,348.83. The 50-share NSE Nifty shut shop at 3,211.05, up 4.92% or 150.70 points over previous close, after hitting a high of 3228.75.

Respective indices gained 9.57% and 8.4% from weekly lows of 9520.96 and 2962.40 while they went up 3.82% and 3.29% from last weekly close values of 10048.49 and 3108.65.