Nifty ends higher; broader indices outperform
11 Oct 2010
The benchmark Nifty closed higher and maintained the 6100 level on Monday, led by metal, healthcare, auto and select power companies' shares along with Reliance Industries, SBI, Reliance Communications, ICICI Bank and DLF.
The index bounced back with one percent gap up but the sell-off in Bharti Airtel, NTPC, HDFC Bank, TCS, L&T, BHEL, ONGC, HUL, Infosys, ACC and Tata Power erased more than 50 points from day's high of 6187.75 on Nifty during the day. Even the profit booking in heavyweights at higher levels dragged the index down from day's high. Overall the consolidation continued for third consecutive day and the Nifty has been facing sell-off whenever it marches towards 6200 level.
UR Bhat of Dalton Capital Advisors said that there is no way the markets will go down now as there will be further inflow of funds on the back of QE2.
"There will be some people who would like to book profits having made an unbelievable 15% in one month. But pending that, with the sort of capital flows coming in, I don't think the markets are going to crash in a great hurry," he reiterated. FIIs were net buyers to the tune of more than Rs 37,000 crore since September, 2010.
The 30-share BSE Sensex closed at 20,339.89, up 89.63 points or 0.44% and the 50-share NSE Nifty rose 32.40 points or 0.53% to settle at 6,135.85. The Nifty October futures' premium trimmed down to 18 points from 30 points in second half of trade.
The broader indices outperformed benchmarks; the BSE Midcap Index was up 0.79% and Smallcap up 1.3%. Breadth was strong; about 2063 shares advanced while 1213 shares declined on BSE. Nearly 145 shares were unchanged.
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