Nifty closes up over 100 points on short covering, global cues
03 Feb 2010
The benchmark Nifty saw significant upmove today and rallied over 100 points on the back of short covering, as it had lost bit of ground in last few sessions. Positive global cues was another reason, which helped the Sensex to close with over 300 points gains.
Asian markets closed strong on the back of buying in late trade; Shanghai was up 2.36% and Hang Seng up 2.2%. Straits Times and Taiwan Weighted gained 1.6% each. Kospi was up 1.2%, Jakarta up 0.94% and Nikkei up 0.32%. European markets were trading 0.4% higher and US index futures were trading marginally higher, at the time of closing of Indian equities.
The markets recovered all Tuesday's losses, as buying was seen across all sectors; metal, realty, FMCG, banking and capital goods were the major gaining sectors. Respective indices jumped 2-4%. However, Power Grid, Sun Pharma, HUL and Ranbaxy were the only losers on the NSE Nifty.
The 30-share BSE Sensex closed at 16,496.05, up 332.61 points or 2.06% and the 50-share NSE Nifty settled at 4,931.85, with rally of 101.75 points or 2.11% over previous closing value.
India's largest power company, NTPC's FPO closed at Rs 209.85, up 1.87% while its floor price for its FPO is at Rs 201 per share. The FPO was subscribed 0.6 times on first day and qualified institutional investors's portion got fully subscribed. Sources said, LIC and SBI invested Rs 4,760 crore in NTPC FPO. The issue will close on February 5.
Today's new listing - Infinite Computer Solutions India ended at at Rs 191.60, up Rs 26.60, or 16.12% over its issue price of Rs 165. It has touched an intraday high of 205.8 on BSE.