Nifty ends above 3300; oil & gas, infra, FMCG, sugar surge

08 April 2009

The benchmark indices shrugged off weak global cues and ended higher for the fifth consecutive session. The Sensex surpassed the 10700 level while the Nifty closed above the 3300 mark successfully. Broader indices outperformed the benchmark indices and kept the market breadth in favour of advances.

The markets opened on a weak note following weak global cues and traded sharply lower in the first half. However, the active participation from local traders in the last couple of hours helped the indices to bounce back. Long only funds were buyers in large cap stocks while some buying was also seen from FIIs.

Realty, FMCG, infrastructure (barring BHEL), pharma, oil & gas, auto, IT and metal stocks witnessed buying interest. However, Reliance Communication, HDFC Bank, BHEL, Hindalco, M&M and Sterlite were weak.

The 30-share BSE Sensex surged more than 1000 points in these five days and closed the day at 10,742.34, up 207.47 points or 1.97% over previous close. It has touched an intraday high of 10,778.11 and recovered over 570 points from day's low of 10,171.91.

The 50-share NSE Nifty shut shop at 3342.95, up 2.65% or 86.35 points, after hitting an intraday high of 3357.05. It posted a rally of more than 300 points in these five days and today, it recovered nearly 194 points from day's low of 3149.25.

Jonathan Garner, Head-EM Strategy, Morgan Stanley said emerging markets will trough before developed markets. He feels that global markets are not out of the woods yet. However, he added that risk appetite has returned post March and that markets can move up further.