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Nifty breaks out of 3200; Tata Motors, DLF gain

This article was posted on Apr 2, 2009 and is filed under Market News

MUMBAI: Indian markets rallied on Thursday as investors aggressively bought realty, banks and metal stocks. Sentiments in the global markets were upbeat after US housing data showed some positive surprise.

According to dealers, the breakout on Nifty is likely to bring players, who are sitting on cash, back in action. The rally may continue until corporate results are out and outcome of general elections.

At 12:20 pm, National Stock Exchange’s Nifty was at 3197.15, up 136.80 points or 4.47 per cent. The broader index broke key resistance of 3200 in trade so far.

Bombay Stock Exchange’s Sensex was the second best performing index in the Asian market second only to Hang Seng. The 30-share index was at 10350.55, up 448.56 points or 4.53 per cent. It touched a high of 10377.46.

Second rung stocks were not behind in the catch-up game. BSE Midcap Index was up 3.60 per cent and BSE Smallcap Index gained 3.37 per cent.

Amongst the sectoral indices, BSE Realty Index surged 7.89 per cent, BSE Metal Index moved up 5.99 per cent and BSE Bankex surged 5.71 per cent.

Tata Motors (13.92%), DLF (11.24%), Reliance Communications (9.78%), Reliance Capital (9.58%) and Suzlon Energy (9.45%) were the top Nifty gainers.

Hero Honda (-0.94%) was the lone Nifty loser.

Market breadth was positive on the BSE with 1795 advances and 476 declines.

Meanwhile India’s annual rate of inflation rose marginally to 0.31 per cent for the week ended March 21 against 0.27 per cent a week before. Inflation rose after falling for eight straight weeks.

Market in Asia-Pacific region surged following gains in the US markets. The Nikkei surged 4.40 per cent, Hong Kong’s Hang Seng rose 4.85 per cent, Singapore’s Straits Times climbed 3.99 per cent and South Korea’s Kospi Index jumped 3.54 per cent.

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