Nifty closes above 5600 for 1st time since July 25, 2011
21 Feb 2012
The Nifty closed nearly at seven-month high, reacting to the approval for Greek's second debt deal. However, global markets remained flat as they seemed have factored in the same news yesterday.
Oil & gas, telecom, banks and capital goods stocks supported the NSE benchmark to close above the 5600 level for the first time since July 25, 2011. It gained 42.85 points or 0.77% at 5,607.15. Meanwhile, the BSE benchmark Sensex rose 139.26 points or 0.76%, to end at 18,428.61.
Technical analyst Sudarshan Sukhani of s2analytics.com advised keeping long positions. "If traders don't have it then even now they can go and take it," he added.
Euro zone finance ministers approved a second bailout package for Greece. It will resolve its immediate financing needs with a 130-billion-euro rescue package. This deal also aims to cut country's debt to 121% of GDP by 2020.
Back home, index heavyweights and oil & gas majors Reliance Industries and ONGC rallied 3% & 3.7%, respectively.
Telecom stocks like Bharti Airtel and Reliance Communications rose 3%. Among banks, SBI and ICICI Bank climbed 1-1.5%; HDFC Bank went up 0.67%.
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