Infrastructure, banks help Sensex end 202 pts up
07 Sep 2011
Reacting to strong global cues, Indian equity benchmarks rallied more than 1% on Wednesday. Upmove in power, banks, capital goods, oil & gas and ADAG stocks helped the market close near its one-month high. The 50-share NSE Nifty climbed 60.35 points, to end at 5,124.65 and the 30-share BSE Sensex gained 186.88 points, to settle at 17,049.69.
The market seems to have factored in a 25 basis points hike for now, says Ambareesh Baliga, COO, Way2Wealth. He, however, says a surprise 'no hike policy' from the RBI, will help market get back into that bullish range, above 5,250 levels.
Global markets rallied post better-than-expected services sector data in the US yesterday. European markets rebound from a two-year closing low; France's CAC, Germany's DAX and Britain's DAX moved up 2-2.5%. Asian markets too closed 2-4% higher. The Dow Jones futures gained 82 points.
The BSE Realty Index jumped 3.4% - outperformed other indices. Power, Capital Goods, Bank and Metal indices went up 2-2.4%. Oil & Gas Index rose one percent.
Heavyweights like Reliance Industries, SBI, L&T, HDFC, BHEL and Wipro rallied 1.5-2%.
NTPC, HDFC and SAIL shot up 3-4%. Among others, ONGC, Bharti Airtel and ICICI Bank were up over 0.5%.
