Sensex ends 234 points up on global cues; heavyweights lead
01 Sep 2010
The benchmark Sensex witnessed huge buying interest in last one hour of trade and posted 234 points rally on Wednesday, helped by heavyweights and positive global cues. The Nifty closed the session above 5450 level; even the market breadth was strong throughout the session.
It was a pullback rally for the markets after it tested 5350 level yesterday. But the Nifty still holds 5400 mark at close in previous three days and today it started the journey towards 5500 again.
Ambreesh Baliga of Karvy Stock Broking, "Possibly this uptrend can continue for the next 30-40 points. I think 5,500 could be the top for this. The Nifty could again start correcting; once it crosses 5,350 on the lower side the fall would be quite sharp after that, which is a very good support zone."
European markets like France's CAC and Britain's FTSE were up over 1.5%; Germany's DAX gained 1%, at the time of closing Indian equities. US index futures like Dow Jones futures and Nasdaq futures went up 0.7% & 1.37%, respectively. Asian markets like Hang Seng, Nikkei, Straits Times, Kospi and Taiwan went up 0.4-1.3% while Shanghai slipped 0.6%.
All sectoral indices ended positive; the BSE Metal and Realty indices gained 3% each. TECk and IT indices went up 2% each. Oil & Gas, Bank, FMCG, Power and Capital Goods indices were up 1-1.5%.
The 30-share BSE Sensex closed at 18,205.87, up 234.75 points or 1.31% and the 50-share NSE Nifty rallied 69.45 points or 1.29% to settle at 5,471.85. The broader indices outperformed benchmarks; the BSE Midcap Index was up 1.7% and Smallcap up 1.8%.
