Sensex ends 101 points up on RIL, ICICI Bank support
08 Sep 2011
Indian equity benchmarks gained strength in the last couple of hours of trade. Upmove was led by Reliance Industries and ICICI Bank. Rise in European markets ahead of ECB & BoE meet as well as Obama speech too helped. The 30-share BSE Sensex rose 100.54 points, to close at 17,165.54 and the 50-share NSE Nifty went up 28.60 points, to end at 5,153.25 amid volatility.
Mohan Krishnaswamy, Head of Equity Research, RBS Equities (India) is positive on the market. ''We believe the rate cycle is close to the peak, therefore we are positive on the market'' he said. He sees more upside for India in the next 6-12 months.
On the global front, European markets like France's CAC, Germany's DAX and Britain's DAX were trading 1% higher ahead of meeting of Bank of England and European Central Bank for interest rate decision today.
US President Barack Obama and Federal Reserve chairman Ben Bernanke will deliver their speech today. Market has been speculating that President Barack Obama may propose USD 300 billion job package. The Dow Jones futures too turned into green.
On the home turf, Reliance Industries was the main leader behind this bounce back in market. The stock had lost 2% when CAG report announced; but it bounced back in later part of day with 2.6% gain.
Infosys, ICICI Bank, Wipro, Tata Motors and L&T were other major gainers; rallied 1.5-2.5%. Technology stocks remained on buyers' radar throughout the session - TCS rose 0.5%.