Nifty ends 1% up on expiry, but sees 8% loss in Nov series
24 Nov 2011
Short covering in the late trade pushed the Sensex 1% higher on Thursday. It was supported by capital goods, oil & gas, private banks, auto and technology sectors. The Nifty clawed back to above the 4750 quite nicely on expiry day after trading in a range of 4650-4690. The index was up 50 points, to close at 4,756.45. Meanwhile, the 30-share BSE Sensex gained 158.52 points at 15,858.49.
The rally was also aided by appreciation in the rupee and positive European cues. France's CAC and Germany's DAX gained 1.5%. Meanwhile, Britain's FTSE was up 0.8% on news that France's Nicolas Sarkozy, German Chancellor Angela Merkel and Italian Prime Minister Mario Monti will hold mini summit today to resolve Europe crisis.
Back home, the whole November series was pathetic, weighed down by sharp depreciation in the rupee to near 53 to the dollar, disappointing earnings in Q2 and eurozone fears. Both equity benchmarks plummeted nearly 8%. Sectoral indices like Bank Nifty, BSE Auto, Power, Capital Goods, Metal and Oil & Gas indices tanked 9-12%.
Today, heavyweights L&T, Bharti Airtel, TCS, ONGC and BHEL shot up 2-3.65%. Auto stocks like Tata Motors, Bajaj Auto, M&M and Maruti were up 2.5-4% while Hero Motocorp fell 1%.
Among others, Infosys, HDFC Bank, ICICI Bank and HUL moved up 0.5%.
Advancing outnumbered declining ones by 1498 to 1317 on the BSE. The broader markets like BSE Midcap and Smallcap indices were down 1.4% and 0.4%, respectively.
