Nifty ends strong on settlement day; banks, IT, FMCG lead
30 Jul 2009
The Nifty ended the July series on a strong note and closed above the 4550 level. Today's rally was led by shares of financial, technology, FMCG, cement, power, metal and oil marketing companies.
However, continuous selling in heavyweights like Reliance Industries, BHEL and in stocks like PNB, Jindal Steel, Sun Pharma, Tata Power, ABB, Nalco and Suzlon Energy capped the gains to some extent.
Financials were the major gainers post the strong numbers from SBI, India's largest bank. The bank's Q1FY10 net shot up 42% to Rs 2,330 crore and net interest income (NII) up 4.32% to Rs 5,026 crore, which was above the estimates of Rs 2,020 crore and NII at Rs 4,984.8 crore, respectively. The stock shot up 4%.
The BSE Bankex jumped 2.2%, as ICICI Bank and HDFC Bank jumped 3% each. Kotak Mahindra and Bank of Baroda were up 0.7% each. HDFC was up 3%. However, PNB plunged 5.72%.
The markets were extremely choppy in trade on the last day of series but remained on the higher side for major part of the session. They gained strength in the last one hour of trade; the 30-share Sensex surged 214.50 points or 1.41%, to settle at 15,387.96 and the 50-share NSE Nifty closed at 4571.45, up 1.28% or 57.95 points over previous close.
In the July series, the former Index jumped up 7.2% and later rose 8% led by auto, realty, technology, FMCG and metal stocks. Respective sectors' indices went up 15-22%. The Nifty August future ended with 6.55 points premium (provisional data).
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