Nifty closes above 2900 led by O&G, metal, bank, CG, power

09 February 2009

The benchmark indices continued the uptrend for the second consecutive day and ended the day sharply higher led by short covering. The Nifty has tested 2900 mark as well as the Sensex hit 9600 level in last half an hour of trade, after 20 sessions. Buying in shares of oil & gas, banking, metal, power, capital goods and telecom companies have lifted the markets higher.

Broader indices also joined the same league througout the session, due to which market breadth was in favour of advances; about 1,725 shares advanced while 1,108 shares declined. Nearly 171 shares are unchanged. All sectoral indices ended in green for the second day in a row.

The 30-share BSE Sensex has touched an intraday high of 9,601.56, before closing the day at 9,583.89, up 283.03 points or 3.04% over previous close. The 50-share NSE Nifty ended with a gain of 76.80 points or 2.7% at 2919.90, after hitting a high of 2926.75.

Among broader indices, BSE Midcap Index went up 49.15 points or 1.7%, to 2,931.95 and Small Cap index was up 53.47 points or 1.63%, to 3,332.71.

Today's star performer was the metal space, which witnessed huge buying interest. Tata Steel, Gujarat NRE Coke, JSW Steel, Sterlite Industries, Hindalco and SAIL went up 2.5-7%. BSE Metal Index was up 225.24 points or 4.41%, to close at 5,327.88.

Oil & Gas and Capital goods were another segments, gained 217.88 points or 3.59% at 6,286.98 and 213.61 points or 3.37%, to 6,547.47, respectively.