Nifty ends above 2900 led by commodities, financials

23 March 2009

It was a spectacular session for the benchmark indices on the back of huge buying in oil & gas, metal and banking stocks. Strong global cues helped the Nifty to close the day above the 2900 mark, important psychological level while the Sensex ended above the 9400 level. Today's surge in the markets was on the back of strong volumes.

The US White House is expected to announce bank bailout plan today. Global markets were up on anticipation that US Treasury Secretary Tim Geithner will deliver this plan today. Long only funds were buyers across the Asia today. Incremental flows were positive on good volumes while there was a lack of selling pressure at FII desk.

The 30-share BSE Sensex touched an intraday high of 9,454.69, before closing the day at 9,424.02, up 5.1% or 457.34 points. The 50-share NSE Nifty surged 4.73% or 132.85 points, to settle at 2,939.90, after hitting a high of 2949.75. All sectoral indices finished in the green.

Hans Goetti, CIO, LGT Bank, feels over the next few weeks one can enjoy this bear market rally in practically every market. He said the Sensex could easily go to 10,400.

Reliance Industries, ONGC, NTPC, Bharti Airtel, SBI, HDFC, SAIL, ICICI Bank, Infosys, HDFC Bank and Reliance Communication were leading contributors in today's gain. These stocks were up between 3% and 8%. However, only two stocks like DLF and HCL Tech closed in the red.

The markets reported highest turnover since September 2008. Total traded turnover was at Rs 77,293.07 crore. This includes Rs 10,285.77 crore from NSE Cash segment, Rs 63,299.50 crore from NSE F&O and the balance Rs 3,707.80 crore from BSE cash segment.