Nifty ends above 5250; all sectoral indices in green
17 Jun 2010
The benchmark Nifty broke out above 5250 on Thursday after witnessing consolidation for previous two days and consistently maintained positive trend for seventh consecutive day. Equity benchmarks were quiet in first of trade but they got strengthened in second half of trade on positive European cues.
European markets like CAC, DAX and FTSE were trading 0.6-0.9% higher, at the time of closing of Indian equities. The Dow Jones and Nasdaq futures gained 0.4% each while Asian markets ended mixed on Thursday.
David Fuller, Global Strategist-Director of Stockcube Research says, India is an incredibly attractive long-term growth story. ''If Wall Street is steady, we should see India break to the upside and sustain a move above the 18,000 level and possibly retest the 2008 peak during the second half of this year.''
The 30-share BSE Sensex closed at 17,616.69, up 153.82 points or 0.88% and the 50-share NSE Nifty rose 41.50 points or 0.79% to settle at 5,274.85.
Oil & gas, private financial, realty, auto (barring Hero Honda) select power, auto and telecom companies' shares helped equity benchmarks. However, selling in few stocks like SBI, NTPC, HUL, Hero Honda, BHEL, Tata Steel, PNB, Cairn, Sun Pharma and Idea Cellular capped the gains to major extent.
Among the broader indices, the BSE Midcap Index was up 0.4% and Smallcap up 0.6%.