Market ends up 5.5 per cent on short covering, +ve global market

21 November 2008

It was a relief rally in the Indian markets, after fall in last seven consecutive sessions. Short covering in heavyweights and positive global markets lifted the benchmark indices higher. The Nifty hit 2700 mark in late trade, but did not manage to close above the same level. Huge buying was seen in power, oil & gas, capital goods, banking, telecom and technology stocks.

The Sensex shot up 464.20 points or 5.49%, to settle at 8,915.21, after hitting an intraday high of 8,988.03. The 50-share NSE Nifty shut shop at 2693.45, down 5.50% or 140.30 points over previous close. It has hit a high of 2718.60.

Among the frontliners, Reliance Infrastructure, Reliance Communication, Sterlite Industries, NTPC, Maruti Suzuki, HDFC, SBI and NALCO were up 8-14%. However, DLF, Unitech, ACC, Tata Communication and Tata Power remained under pressure.

Volumes were very high in today's trade; total turnover traded stood at Rs 60,733.85 crore. This includes Rs 9,467.69 crore from NSE Cash segment, Rs 47,696.14 crore from NSE F&O and the balance Rs 3,570.02 crore from BSE Cash segment.

The BSE Midcap Index was up by 20.87 points or 0.72% to 2,916.66 and the Small Cap Index gained just 5.42 points or 0.16% at 3,390.76.

Market breadth was weak throughout the session; about 1282 shares have advanced while 1487 shares have declined. Nearly 426 shares remained unchanged.