Nifty ends above 4600; sharp run up in Banks, Realty stks
17 Jun 2008
Bulls have come back with full force and took charge over bears. The markets have rallied quite sharply on the back of buying support from banking, realty, oil & gas and capital goods stocks, particularly rate sensitive sectors like banks and realty but volumes remained low, which seemed that institutional buying was very less. Strong trading in European markets also helped Indian markets quite well. Midcap and small cap stocks were also on buyers' radar. Market breadth has remained in favour of advances.
Markets had opened on a quiet note and remained flat for first one hour of trade. But after that bulls came in limelight with big surprise and supported the markets for rest of the day. The Nifty closed above 4600 and the Sensex above 15500 levels.
The Sensex shot up by 1.96% or 301.08 points to settle at 15,696.90, after hitting an intraday high of 15,732.75 and low of 15,357.98. The Nifty touched a high/low of 4664.05 and 4561.75, before ending the day at 4653, up 80.5 points or 1.76%.
Top traded counters on the bourses were Reliance Industries, Larsen & Toubro, Ranbaxy Labs, ICICI Bank and Reliance Petroleum.
Total turnover traded by the markets stood at Rs58912.06 crore. This includes Rs10974.53 crore from NSE Cash segment, Rs42624.38 crore from NSE F&O and the balance Rs5313.15 crore from BSE Cash segment.
On the global front, Asian markets ended mixed. Shanghai Composite was down 2.8%, Jakarta Composite 0.8%, Nikkei 0.04%, Straits Times 0.3% and Kospi 0.57% while Hang Seng was up 0.12% and Taiwan Weighted 0.4%. European markets were trading strong, at the time of writing market report. FTSE 100 was up 1.6%, CAC 0.9% and DAX 1.3%.
Asian markets were trading weak barring Hang Seng. Shanghai, Nikkei, Straits Times, Kospi, Jakarta composite and Taiwan Weighted were down.
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