Sensex ends 226 points up on global cues; ONGC, GAIL spike
13 Mar 2012
The BSE Sensex scaled higher for the third consecutive session on Tuesday, adding more than 650 points in three days. After looking at sharp spike in metals and oil & gas stocks, it seemed that investors made some serious buying into these stocks. Experts feel it is more of a liquidity driven rally rather than pre-Budget.
The BSE benchmark rose 225.95 points or 1.28%, to close at 17,813.62, supported by 25 components. Meanwhile, the NSE benchmark retained its 5400 level quite nicely; it climbed 69.95 points or 1.31% to 5,429.50.
Vineet Bhatnagar, MD, MF Global is expecting the Nifty to retest 5550-5600 soon as short positions have been covered and long additions is going to add once it crosses 5440.
The market is eyeing major events - Railway Budget on Wednesday, RBI's monetary policy review on Thursday and Union Budget on Friday.
Global markets were firm ahead of Federal Open Market Committee' meet today. Markets are eyeing indications of QE3 as well as comments on strength in US economic data. European markets like France's CAC, Germany's DAX and Britain's FTSE went up 1% each while Dow Jones futures gained 72 points. Asian markets too closed higher.
Back home, the BSE Metal and Oil & Gas indices were up 3% & 2.6%, respectively. Realty, Power and Capital Goods indices rose 1.5-2%.
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