Nifty ends above 5000; IT, pharma, oil & gas gain
29 Sep 2009
The Nifty closed above its psychological 5000 mark. Strong buying was seen in IT, pharma, oil &gas, banks, power, capital goods and metal stocks. Reliance, Infosys, ICICI Bank, L&T, TCS and HDFC were the major contributors to the bourses.
The Sensex closed up 159.91 points or 0.96% at 16852.91.It touched an intraday high of 16,907.84 and an intraday low of 16,802.80.
The Nifty ended up 42.30 points or 0.85% at 5001.25. It touched an intraday high of 5020.25 and an intraday low of 4959.10.
Aadil Ebrahim, Investment Manager at Bowen Capital Management, said that the Nifty would remain in the 5,000 kind of levels towards the end of the year. ''It may go up to 5,200 and come down to 4,800. But on an average we'll be about 5,000 by the end of the year.'' He was bullish on Dabur and Hero Honda. He believed, ''Stocks like these will outperform when the deep cyclicals sort of flat line and when the whole sort of inventory rebuilding slows down.'' Infosys remained his top pick.
About 1710 shares advanced, 1165 shares declined, and 334 shares were unchanged.
Top gainers on the Sensex were Sun Pharma at Rs 1,390.85 up 6.09%, TCS at Rs 610.40 up 3.98%, ICICI Bank at Rs 864.80 up 3.12%, Wipro at Rs 582.50 up 2.71% and ONGC at Rs 1,186.15 up 2.49%.
