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Markets end at one-month high

This article was posted on Jan 10, 2012 and is filed under Market News

Benchmark share indices gained over 2% on Tuesday to end at one-month highs, on the back of positive cues from Asia and Europe, led by index heavyweight Reliance Industries and financial shares. The markets strengthened further post Moody’s upgraded India’s rating to investment grade.

The 30-share Sensex ended at 16,165 up 350 points or 2% and the 50-share Nifty ended at 4,850 up 107 points or 2%. The Sensex and the Nifty reached an intra-day high of 16,181 levels and 4,856 mark, respectively. The Sensex hit 16,100 mark, its highest level since December 14, 2011.

On the global front, Asian markets ended firm today with Shanghai outperforming everyone with 3% rise post robust economic trade data. Hang Seng, Nikkei, Shanghai Composite, Taiwan Weighted, and Straits Times gained between 1-2%.

Firm opening of the European markets during late noon trades further boosted sentiment amongst local investors. The CAC-40, DAX and FTSE-100 were up between 1-2%.

Back home, appreciation in rupee value against dollar too cheered the sentiments amongst local investors. The rupee rose 0.72% on Tuesday to touch its highest level in a month, propelled by the surge in domestic equities and robust dollar inflows into local debt.

Mr D. K. Aggarwal, CMD, SMC Investments and Advisors Limited says, “The markets were in over-sold zone, finding buying interest from value pickers. Further, news that Moody’s upgraded Indian sovereign ratings is a big positive to the overall sentiment. Lastly, the results which started with IndusInd bank, has commenced on positive note, as IndusInd bank has beaten the market estimates. Even, technical’s are also indicating that nifty is in short term uptrend and will see the first resistance at about 5,000 level”.

All the 13 sectoral indices on BSE ended in green zone.

Index heavyweight Reliance Industries spurted by 4% to Rs 735.

Shares of oil marketing companies like BPCL, HPCL, IOC and GAIL ended firm as BG Asia Pacific Holdings Pte Ltd (BG) starts its stake sale process in Gujarat Gas Company.

Banking and financial stocks surged on expectations that the RBI will cut interest rates on January 24 to support the slowing economy. SBI, ICICI Bank, HDFC Bank and HDFC surged between 2-4%. BSE Bankex surged by 3%.

Capital Goods majors like L&T and BHEL surmounted between 2-4%.

For more visit: Business Standard

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