Nifty rises 3% to 4850; Dow Jones futures up 248 points
28 Nov 2011
The Sensex countinued its smart run following further leap in European markets. Short covering in most beaten down stocks like banks and metals pulled the market 3% up. The Sensex was up 476 points at 16171.55 and the Nifty up 142.75 points at 4,852.80.
France's CAC, Germany's DAX and Britain's FTSE surged 2-3% while the Dow Jones futures rose 2%, which pointing strong opening.
Taimur Baig, chief economist, India Global markets research at Deutsche Bank expects some resolution to be reached in Europe. "And, the Euro zone stability along with some measures by the Indian authorities, will help to see growth above 7% in 2012," he says.
The BSE Metal Index outperformed every index, rising 4.7%. Bank, Oil & Gas, Realty and PSU gained 3-3.4%. Power, FMCG, Capital Goods and TECk rallied 2-2.5%.
Shares of Hindalco topped the buyers' radar, shooting up 9%. Tata Motors, SBI, Jaiprakash Associates, HDFC, IDFC, ACC and Sesa Goa were up 5-6.4%.
Among midcaps, Educomp Solutions and Financial Tech gained 16% and 13%, respectively. HOEC, JSL Stainless and BGR Energy rose 7-8% while Shoppers Stop, SKS Microfinance, Kwality Dairy, CESC and Vaarad Ventures fell 5-7%.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
