Sensex closes 17 pts up as Europe rallies, BHEL jumps 4%
The NSE Nifty recovered in late trade to close with moderate gains on Thursday. Indian market started recovering as European markets bounced on hopes that Greece referendum may not happen. The Nifty held on to the 5200 mark quite nicely since last week, which is looking like the support in the near term. The index rose 7.3 points, to end at 5,265.75. The 30-share BSE Sensex recovered 200 points from day's low, before closing up 17.08 points at 17,481.93.
Every market across the globe has priced in all negatives associated with Europe and is awaiting conclusive decision from the G-20 meet that started today. According to Nick Parsons of National Australia Bank, collapse of Greece government will be positive for global markets. He said ouster of PM Papandreou would mean no referendum in Greece.
European markets bounced back sharply after a fall of 1.5-2% in the initial trade. France's CAC and Germany's DAX moved up 1% each while Britain's FTSE rose 0.3%. Athex Composite (Greek) shot up 2.7% and IBEX (Spain) was up 1.25%.
Back home, heavyweights Reliance Industries, Bharti Airtel and SBI led the major support; respective stocks gained 1.51%, 2.15% and 1.34%.
Power stocks rallied after the government meeting on import duty for foreign power equipment. BHEL shot up 4.18% and Tata Power rallied over 3% while NTPC gained 1%.
However, the fall of 0.5-1% in Infosys, ICICI Bank, HDFC Bank, L&T and Wipro has limited the upside.
SAIL lost 3% after less than expected numbers in Q2. The company's net profit fell 54.6% to Rs 495 crore in the second quarter of FY12 due to forex loss Rs 509 crore.
Total traded turnover was more than Rs 1.16 lakh crore. Declines outnumbered advancing ones by 752 to 653 on the National Stock Exchange.
Nifty future closed 30 points up @ 5309. Now 5340 is very crucial resistance for nifty this level is 200 day moving average (DMA). Nifty break level of 5225, after that it take reversal made day high and closed around high. Market seems to be positive if it cross and maintain above 5340. Some major stocks looks bullish on charts market may be positive if maintain on tops.
Sensex ends near 17500, 17 pts up as Europe rallies, BHEL jumps 4%, DLF, Tata Power up.
SAIL Q2 net falls 54.6% to Rs 495 cr.
Food inflation at 12.21% YoY on Oct 22.
Federal Bank not to jump into savings rate hike war.
On Mobile up 7%; Q2 net profit more than double.
Greek PM Calls for emergency meet as banks tank over 5%.
SAIL Q2 net falls 54.6% to Rs 495 cr.
Food inflation at 12.21% YoY on Oct 22.
Federal Bank not to jump into savings rate hike war.
On Mobile up 7%; Q2 net profit more than double.
Greek PM Calls for emergency meet as banks tank over 5%.
Source: www.commodityonline.com
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