Sensex ends 117 points higher; metals, banks, infra support
13 Jan 2012
The market managed to recover almost all its previous day's losses on Friday, supported by infrastructure, metals, banks, metals and telecom stocks. However, the fall in Reliance, HDFC and TCS limited the upside. The Sensex spiked to an intra-day high of 16,257.34, before closing up 117.11 points at 16,154.62. The Nifty gained 34.75 points to end at 4,866.
For the week, the BSE benchmark rose 1.8% and Nifty jumped 2.35%. Both had rallied more than 2% last week as well.
Jyoti Vaswani, CIO and Director Fund Management, Aviva India feels it is sort of a technical pullback. "What is actually recovering this year, is all those stocks and sectors which were really beaten down last year. This is a phenomenon which is not restricted to India but it is also a global phenomenon," he explained.
But he doesn't think there has been such a transition that things have dramatically changed over last year as of now.
Technical Analyst, Sudarshan Sukhani of s2analytics.com feels that the market is going to see choppy movements.
Metal stocks rallied for the third consecutive session today; respective index shot up over 3%. The rally could be after the cabinet secretary said Indonesia president ordered a review of all mining permits issued by local government. Indonesian govt imposed strict norms on Indian mines earlier.
