Strong pullback: Nifty hits 5000, RIL surges 5.5%
30 Aug 2011
Indian equities were strong in trade led by rally in technology, telecom, banking, realty, metal and select auto companies' shares. Finally, the 50-share NSE Nifty touched the 5,000-mark, gaining 88 points to 5,008. The 30-share BSE Sensex also jumped 291 points to 16,708.
On the sectoral front, the BSE Realty, Metal, Bank and IT indices rallied 2-3.8%.
Fresh longs build up and short covering sent Reliance Industries 5.5% higher. TCS, HDFC, HDFC Bank, Bharti, Wipro, Infosys, ICICI Bank and SBI gained 1.5-3%.
Top gainers included names like Tata Steel, Sun Pharma, DLF, Cairn India, HCL Tech, IDFC, Reliance Communications and Jaiprakash Associates, which shot up 4-6% each.
However, ONGC continued to lose 4% on FPO news. L&T slipped over 1%. ITC and BPCL were other losers.
The market breadth also improved a bit; about 980 shares advanced as against 449 shares declined on National Stock Exchange.