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Nifty ends above 200 DMA of 4230; broader mkts outperform

This article was posted on Jul 15, 2009 and is filed under Press Releases

It was another day of strong performance from the benchmark indices on the back of positive global cues and huge buying in the high beta stocks. The Nifty closed successfully above the 200 DMA (daily moving average) of 4230 and the Sensex sustained above the 14000 mark in the second half of trade.

The rally was led by infrastructure (capital goods + power), metal, rate sensitive and oil & gas stocks; respective indices shot up 2.5-8%. All the BSE sectoral indices ended in the green. Only Infosys and Ambuja Cements closed in red among the Nifty 50 and Sensex 30 stocks.

The broader indices outperformed the benchmark indices in today’s trade as well. The market breadth was strong; about 2097 shares advanced while 622 shares declined on the BSE. Nearly 440 shares remained unchanged.

On the global front, Asian markets ended 1.4-3.4% higher barring Nikkei, which closed flat. At the time of closing of Indian equities, European markets were trading with 1.5-1.9% gains. The US futures went up nearly 0.8-2%.

Infrastructure stocks witnessed huge buying interest. Power Minister Sushil Kumar Shinde held a meeting with independent power producers (IPPs) on Tuesday to look into the problems faced by them in project execution. In an exclusive interview to CNBC-TV18, Shinde said that 11th Plan target of 78,750 megawatt (MW) was on track and that he confident of achieving it by March 2012, when the 11th Plan ends. “About 80,000 MW capacity is under construction currently,” he said, adding that at the least, the government would be able to deliver 65,000 MW capacity addition. “For the 12th Plan, we have a capacity addition target of 1 lakh MW in mind,” the power minister said.

Source: Moneycontrol

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