Nifty ends above 6100; TCS, RIL, NTPC, Tata Motors lead
25 October 2010
Equity benchmarks bounced back on Monday after witnessing a sell-off in previous session. The support was led by financial (barring HDFC Bank), cement, auto, healthcare and select metal companies' shares along with Reliance Industries, TCS, NTPC, Bharti and HUL, which hold the Nifty above 6100 level during the day.
Maintaining a positive view on markets, Dhiraj Agarwal Head of Equities at Standard Chartered Capital Markets says there is massive liquidity in the system and corporate earnings too have broadly been good.
For the November, he said, "I would say bias is positive even if there are pullbacks that will be restricted. At this point of time it looks like less than 10% so there is no point in trying to fine tune that too much. 5-7% is very difficult to predict or play. The leaning on the bias is positive going forward."
UR Bhatt managing director of Dalton Capital Advisors feels there is nothing to worry about. ''We are at a smiling distance from our all-time high-21,200. This won't be a phenomenal hurdle to cross. Of course if QE2 happens better than expectation, then it should be pretty easy."
Global cues were quite supportive; Asian markets ended on strong note; Shanghai was the top gainer with rise of 2.6% and Taiwan was up 1.7%. Kospi and Jakarta went up 1% each. Hang Seng was up 0.5% and Straits Times up 0.3% while Nikkei declined 0.27%.
The Nasdaq and Dow Jones futures were trading 0.5% higher. European markets like France' CAC, Germany's DAX and Britain's FTSE were up 0.55-0.7%, at the time of closing of Indian equities.