Nifty posts biggest percentage gain in F&O series ever

28 May 2009

The benchmark indices ended the last day of May series on a positive note. This rally was led by shares of capital goods, metal, banking, oil & gas exploration and select power companies. Good results from L&T and M&M were also supportive for the markets.

This series was a magnificent series for the markets; in this series the Nifty posted the biggest percentage gain ever. Both the equity benchmarks surged 25% each in this series. Among the sectors, Realty, Metal, Bank and Capital Goods indices were the highest percentage gainers, went up 43.5%-68%.

In May series, Reliance Infrastructure, Kotak Mahindra Bank and India Infoline shot up over 80%. Reliance Capital, Ranbaxy Labs, Unitech, Indiabulls Real Estate and DLF gained 60-75%. Tata Steel, Hindalco, JSW Steel, SAIL, L&T, ICICI Bank, SBI and Suzlon went up 40-60%. However, Tata Communication was down around 10% and Cipla fell around 7%. ITC and HUL were the other losers.

Ambareesh Baliga of Karvy Stock Broking said, "The Nifty should be in broad range of 3,800-3,900 to around 4,500 in the June series." He said, "We could see a correction which could take it to the levels of 4,000-4,100 initially and possibly post that we could see levels of around 3,800-4,000, that should be a good level to again start buying."   

The 50-share NSE Nifty crossed the 4350 level during the day. It closed at 4337.10, up 1.43% or 61.05 points over previous close. The 30-share BSE Sensex closed 186.37 points or 1.32% higher at 14,296.01.

L&T was up 2.32%, as the company's Q4 net profit rose 3.23% to Rs 998 crore and net sales went up 23.99% to Rs 10,608.2 crore. Its Operating profit margin (OPM) also improved to 15% versus 13.9%.