Nifty ends above 6100 on expiry day; IT, cap goods gain
30 Dec 2010
The benchmark Nifty closed the settlement day for December above the 6100 mark for the first time since November 15, led by support from power, capital goods, technology, metal, auto, FMCG and select healthcare companies' shares. HDFC, ICICI Bank, Bharti and Reliance Industries were also on buyers' radar. Indices saw good spike up in last half an hour of trade.
Vijay Bhambwani of BSPLindia.com said one should need to watch out for 6120-6125 levels on the Nifty. "The outlook on the Nifty is more positive and unless there is some untoward incident or geopolitical stresses which can reverse the situation, I don't see why the bulls should not prevail over the bears," he said.
However, the upside was capped due to selling in ONGC, HDFC Bank, SBI, Dr Reddy's Labs, ACC and Reliance Communications.
The 30-share BSE Sensex settled at 20,389.07, with a gain of 133.04 points or 0.66% and the 50-share NSE Nifty rose 41.50 points or 0.68% to close at 6101.85. The Nifty January futures ended at a 25-point premium.
In the December series, the Sensex surged 5.5% while the Nifty rose 5.2%.
In the January series, Jitendra Panda of Motilal Securities believes auto, cement, FMCG and metal sectors will see good gains. At least till the results come and the season starts the markets will hold on for these sectors, he says.
