Short covering lifts Sensex 200 pts at close
22 Aug 2011
Short covering led the Indian markets to close with 1% gain. Analysts suggest that this is the first leg of short covering rally and it may continue for some more days. Nifty had lost nearly 15% in last one month.
Big boys like Reliance Industries, ITC, ICICI Bank, Larsen and HDFC lend a hand to the Nifty to surge above 4900 mark.
Infosys, HDFC Bank, TCS, HUL and M&M were negative contributors to the Nifty.
The Sensex shut shop at 16341.70 up 200.03 points or 1.24% and the Nifty closed at 4898.80 up 53.15 points or 1.10%. About 1844 shares advanced, 1016 shares declined, and 812 shares remain unchanged.
Top gainers on the Nifty: Reliance Communications, Reliance Infra, SAIL, IDFC and Jaiprakash Associates were up 5.5-6.5%.
Top losers on the Nifty: GAIL, DLF, Axis Bank, HDFC Bank and Infosys were down 1.3-3.3%.