Nifty takes a breather; profit booking kicks in
16 Feb 2012
The Nifty took a breather today after three days of a stellar rally that pushed the benchmark index to six-month high of 5540. A gush of liquidity or Hot Money as we call it, of close to USD 4 billion, has made its way into the Indian market so far. The investor's appetite towards risky assets has also improved over the past two months.
The hopes of rate cut also picked up steam after inflation moderated to two-year low of 6.55%.
Realty, power and capital goods stocks were on buyer's radar today. Metal, Oil&gas and consumer durable stocks ended in red.
Top gainers on the Nifty were Jindal Steel, Hero Motocorp, SBI, Maruti Suzuki and Cairn India.
Top losers on the Nifty were Coal India, Hindalco, Sterlite Industries, Tata Motors and Tata Steel.
Substantial decline was witnessed in Coal India counter on reports of PMO directing the company to sign fuel supply agreements (FSAs) with power plants. Power companies like PFC and REC gained on the same news.
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