Nifty holds 100 points gains; ICICI Bank, Tata Motors up 6%
01 Dec 2011
The Nifty holds 100 points gains led by gains in major sectors like banking, metal, technology, oil & gas and auto, though there was some profit taking at higher levels. Index was quoting at 4,937.95, up 106 points. The Sensex moved up 363 points to 16,486.03 on short covering.
However, Vikas Khemani, executive vice president & head - institutional equities of Edelweiss Securities says, the rally may not sustain. ''I think markets are going to see a big reversal from hereon. For India, the problem is a lot more domestic than only global.'' According to him, fundamental problems still need to be addressed.
Major largecaps like Reliance Industries, Infosys, HDFC, L&T, ITC, SBI, TCS and NTPC gained 1.5-3%.
ICICI Bank, Tata Motors, Hindalco, Sterlite, DLF and SAIL shot up 5-7%. However, Bharti, HUL, Dr Reddy's Labs, BHEL and BPCL were down 1.5-2%.
The gap between advances and declines reduced in the afternoon trade, especially after European markets' opening. About 1700 shares advanced as against 1088 shares declined on BSE.
European markets like France's CAC and Germany's DAX fell 0.6% each while Britain's FTSE was flat.
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