Nifty gave a sharp recovery at afternoon, it manged to close 54 points up at 4,765. Sensex gained 151 points at 16,063. Government’s plan to disinvest stake in profit-making public sector units had a positive impact on the markets. Huge buying activity in the last hour of trade saw Indices ended a volatile session above psychological support levels.

ET: Home Minister P. Chidambaram after a meeting of the Cabinet Committee on Economic Affairs said, “all profitable central public sector undertakings should meet the mandatory listing of 10 percent public ownership.”

Buying in telecom, metal, realty, power, auto, oil & gas exploration, select banking and capital goods stocks helped the markets to recover. FII’s and DII’s too today buy net buyers worth 200cr’s and 230cr’s.

Sensex managed to close above 16 market due to the buying in Metals, Realty and the Power stocks. Suzlon gave a good bounce today. Even the Mid-Cap and the Small-Cap stocks were in demand.

The BSE Mid-Cap index gained 2% and the BSE Small-Cap index was up 2%. Reliance Infra, Infosys, Suzlon, RCom, Hindalco, Bharti and Tata Steel were among the major gainers.

Tough the Global markets were bearish, we managed to give a close above our support levels of 4730. The FTSE in the UK was down 0.7%, The DAX in Germany was down 0.5% and the CAC 40 index in France was down 0.6%.

The resisatce for Nifty stands at 4,810. If we manage to give a close above this levels we could be heading to 4900 levels in the near term.

Tags: disinvestment plan, nse bse disinvesment plans, nse bse news

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