Nifty recovers in late trade, ends tad short of 5000
24 Sep 2009
The Nifty showed smart recovery in the last one hour of the trade and ended the session as well as the September series on a positive note. It was within the shouting distance of the 5,000 mark at close.
The markets were extremely volatile in the second half of the trade on the back of settlement day. However, they were under selling pressure till the 14:30 hours IST, due to weak global cues.
Financial, telecom, technology (barring Infosys), PSU power, realty, oil marketing and FMCG companies' shares supported the markets to turn positive. However, metal, auto and private power companies' shares remained under pressure throughout the session. Heavyweight Infosys was down over 3%.
The 30-share BSE Sensex closed at 16,781.43, up 61.93 points or 0.37%, after seeing an intraday high of 16,834.10 and showing recovery of 286.5 points from day's low of 16,494.92. The 50-share NSE Nifty tested the 5,000 mark while went closer to 4900 mark as well during the day, before closing the day at 4986.55, up 16.60 points or 0.33%. It recovered 82.5 points from day's low of 4904.05.
In the September series, the markets touched a new 2009 high of 16943.49 and 5036.30, respectively. Both equity benchmarks closed with 6.3% gain led by banks, autos and metals.
The Nifty October futures' premium expanded significantly, ended with 15.5 points premium, as per provisional data. Big build-up was seen at Nifty October 4900 Put. The Nifty futures have seen around 65% rollover. Huge rollovers were seen in banking space; UCO Bank has seen a rollover of 84% and Vijaya Bank 80%.
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