Markets end strong; ONGC, Wipro, Suzlon, Tata Power zoom

05 June 2008

The markets have rebounded sharply in late trade and ended with strong recovery of half of Wednesdays losses led by buying in technology, telecom, power, FMCG, banking, metal, pharma and some oil and gas stocks. It was remained choppy till 2 pm and after that shown smart bounce back. Positive European markets also played some role. The Nifty closed above 4650 mark after struggling around 4550-4600 and recovered more than 140 points from days low. The Sensex closed above 15700 and recovered over 450 points from days low.

The Sensex closed at 15,769.72, up 1.64% or 254.93 points after hitting an intraday high of 15,814.80 and low of 15,314.02. The Nifty touched a high/low of 4690.60 and 4536.25, before finishing the day at 4676.95, up 1.99% or 91.35 points. BSE Midcap and Small cap indices ended marginally higher.

Biggest gainers were ONGC (7.46%), Wipro (6.25%), Infosys (5.86%), Reliance Infra (5.68%), Suzlon Energy (9.18%), Tata Power (8.06%) and GAIL (7.19%). However, DLF (-3%), Reliance (-2.58%), Ambuja Cements (-1.89%), Tata Motors (-1.82%), BPCL (-6.35%) and PNB (-2.68%) were draggers.

Market breadth also improved but closed in negative, about 1359 shares have advanced, 1571 shares declined, and 183 shares remained unchanged.

Technology Index outperformed other indices, jumped 5.01% or 220.09 points to settle at 4,617.44 as huge buying seen in Tech Mahindra, Wipro, Infosys, HCL Tech, Satyam, Patni Computer, TCS and Mphasis. The Indian Rupee was trading at 42.90 per dollar.

Amongst telecom space, Tata Communication, Tata Teleservices, Spice Comm, Bharti Airtel, MTNL, Reliance Comm and Idea Cellular have gained.