Nifty ends above 6300; HUL, TCS, HDFC Bank surge
09 Nov 2010
At 15.37 hrs IST, the Nifty ended on a positive note amid volatility. The benchmark index Sensex gained close to 100 points after a tepid start in the opening bell. Asian markets ended mixed in trade today. European markets were trading strong at this point of time. Dow Future was trading flat.
The Sensex shut shop at 20948.81 up 96.43 points or 0.46% and the Nifty closed at 6301.55 up 28.35 points or 0.45%. About 1801 shares advanced, 1290 shares declined, and 357 shares remain unchanged.
Laurence Balanco, CLSA said that, "The churning action we flagged as a concern last week turned out to be a mere consolidation pattern in the broader uptrend drawn off the May lows. The sub-division of the advance projects an upside target of 6,725 on the Nifty with key short-term support seen at the 5,966. A break below this level would trigger a minor topping pattern which would suggest a move down to 5,500 levels."
Sanjeev Prasad, Kotak Institutional Equities said that, "We see several negative implications of the Fed's QE2 on the Indian economy. India's current a/c deficit may widen further, inflation may be higher, oil under-recoveries may increase significantly & the RBI may be forced to respond with unintended monetary policies. We do not rule out a likely bubble in the Indian equity market."
Top gainers on the Sensex were HUL at Rs 318.90 was up 4.30%, HDFC Bank at Rs 2,395.25 was up 2.42%, TCS at Rs 1,092.40 was up 2.25%, Sterlite Ind at Rs 189.95 was up 2.04% and Bharti Airtel at Rs 334.05 was up 1.74%.
Top losers on the Sensex were SBI at Rs 3,271.90 was down 4.4%, Maruti Suzuki at Rs 1,470.65 was down 1.2%, Reliance Infra at Rs 1,047.35 was down 1.03%, ONGC Rs 1,337.25 was down 0.84% and Tata Power at Rs 1,385.50 was down 0.44%.