Markets end 2 per cent up on +ve global cues; commodities, infra gain

10 June 2009

The benchmark indices staged spectacular performance for the second consecutive day on the back of positive global cues. Strong upmove in commodities and infrastructure helped the Nifty to close above the 4650 level.

Deven Choksey of KR Choksey Securities said, "There was a good amount of short covering of the call positions and most of the traders were getting ready to keep an open position for the time being and allow the market to grow up to build their short later date."

"We may face some profit booking at 4,660 on Nifty at current levels and I see some amount of soft closing. But going forward if it stays above 4,610 we should be seeing 4750 in few days from now", he added.

The 30-share BSE Sensex closed 339.81 points or 2.25% higher at 15,466.81, after seeing an intraday high of 15,580.81. The 50-share NSE Nifty went up 2.25% or 104.30 points, to settle at 4,655.25, after hitting a high of 4688.95.

Top gainers were Tata Power, Reliance Infrastructure, HDFC Bank, Ranbaxy Labs, ACC and Reliance Communication, which gained 5-6.4%. Infrastructure stocks hogged the limelight in largecaps and cement in midcap/smallcap packs.

Global Cues