Nifty ends higher amid volatility, eyes budget
25 Feb 2011
Indian equity benchmarks closed the session on a positive note on Friday, supported by short covering in the most beaten down stocks in previous three sessions. Overall it was a consolidation day for the markets, which could be waiting for the Union Budget scheduled on Monday, February 28.
Financial, healthcare and FMCG companies' shares led the support today. Tata Motors, Bharti, Wipro, Tata Steel and Reliance Industries too were quite aided the momentum. However, the sell-off in Anil Dhirubhai Ambani Group (ADAG) and infrastructure stocks has capped the upside; ONGC, Sterlite, M&M, Hindalco, TCS and Maruti too were down.
Backword move in crude oil prices triggered the recovery in global markets today. Crude oil was trading at USD 97.8 a barrel, up USD 0.5/bbl on the New York Mercantile Exchange, which retreated from the level seen on Thursday at USD 103 a barrel.
European markets like CAC, DAX & FTSE 100 and the US index futures were trading higher by half a percentage points. Even Asian markets closed with 1-2% gain.
The 30-share BSE Sensex climbed just 69 points, to close at 17,701 and the 50-share NSE Nifty went up 41 points, to end at 5,303. The Nifty March futures closed at 24 points premium.
Nifty choppy; metals, ADAG, infrastructure dip