Nifty ends above 5500 on rebound in Asia
16 Mar 2011
Indian equity benchmarks rebounded on Wednesday led by short covering after a sharp sell-off seen in previous session on earthquake in Japan. The 50-share NSE Nifty clawed back above the 5500 level, with 62 points gains to close at 5,511, supported by 44 stocks out of 50. But there was some profit booking in late trade while European markets slipped in red, which could be because of rising crude oil prices again, reacting to Middle East tensions.
Huge short covering was seen in Asian markets. The Nikkei 225 Average bounced back with 5.7% gain today to close at 9,094 after consistent fall in previous three sessions - nearly 17% fall – due to massive earthquake & tsunami on Friday followed by blasts in various nuclear plants located in northern region of Japan.
Among other Asian markets Shanghai, Kospi and Taiwan gained 1-1.8%. Straits Times went up 0.9% and Hang Seng up marginally.
The 30-share BSE Sensex rallied 191 points, to end at 18,359. The broader indices too gained 1.3% each. However, European markets slipped in red after initial modest gains - France's CAC, Germany's DAX and Britain's FTSE went down 0.3-1%.
Sensex northbound; TCS, SBI, ICICI Bank lead
The equity benchmarks recouped all their previous day's losses today on the back of recovery in global markets. But there was some profit booking at higher levels, which could be because of rise in crude oil prices again.
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