Global cues support market, Sensex ends up 149 pts; Bharti, SBI, RIL lead
22 Mar 2011
Indian equity benchmarks bounced back on Tuesday, with surging 149 points on the Sensex led by global support and some short covering after fell in previous three sessions on rate hike fears, Middle East tensions and likely drop in RIL gas production.
However, it slipped a bit from day's high in last one hour of trade as there were reports that Libyan Leader Gaddafi's forces attacked Libyan town of Zintan using heavy weapons.
The 50-share NSE Nifty gained 49.10 points or 0.92%, to close at 5,413.85, added support by oil & gas, infrastructure, auto, realty, metal, telecom and select financial companies' shares.
Jyotivardhan Jaipuria head-research with Bank of America Merrill Lynch (BoA-ML) says that the Indian market valuations currently reasonable.
He is bullish on the emerging markets over a period of three to five years while he is bullish on the developed markets in the short run. ''Emerging markets will start performing once commodities cool down.'' However, he believes inflation pressures continue to remain a concern.
Global markets were seen buying interest after Japan has made progress in its efforts to restore damaged nuclear facilities.
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