DATE: 07/09/2012
MUMBAI: The Nifty was comfortably placed above 5,300 after a gap-up opening following a rally in Asian markets after the European Central Bank outlined its bond-buying scheme to contain its debt crisis. A better than expected US jobs data also provided support.
"European Central Bank President Mario Draghi outlined the central bank's highly anticipated bond purchasing program. The Labor Department's report which showed a bigger than expected drop in first-time claims for unemployment benefits in the week ended September 1st added to the positive sentiment," said Angel Broking in a note.
At 09:50 a.m; the Nifty was at 5,315.35, up 76.95 points or 1.47 per cent. The broader index touched a high of 5,324.40 and a low of 5,315.35.
The Sensex was at 17,602.47, up 256.20 points or 1.48 per cent. It touched a high of 17,636.13 and a low of 17,575.79 in trade today.
"Market internals indicate relatively lower volumes and a balanced A/D ratio. Even the volatility dropped off a bit owing to a rather tight trading range," said an Edelweiss report. "Momentum oscillators on the hourly chart continue to diverge positively, along with an oversold stochastic oscillator. Expect Nifty to hold its key pivot of 5,200 and exhibit counter-trend rally upto 5,300 / 5,330 in the immediate near-term within an establish downtrend."
The BSE Midcap Index was up 1.11 per cent and the BSE Smallcap Index moved 0.97 per cent higher.
Among the sectoral indices, the BSE Metal Index was up 1.94 per cent, the BSE Bankex gained 1.88 per cent, the BSE Oil & Gas Index moved 1.75 per cent higher and the BSE Realty Index moved 1.57 per cent higher.
ICICI Bank (3.42%), Tata Steel (3.36%), Tata Motors (3.30%), Jaiprakash Associates (2.61%) and Sterlite Industries (2.51%) led the gainers pack.
Hero MotoCorp (0.06%) was the only Nifty loser.
The market breadth was positive on the NSE with 1,061 gainers against 275 losers.
The foreign institutional investors bought equities worth Rs 166.58 crore on Wednesday, as per provisional data from the NSE.
The Asian markets were sharply higher on expectations of further liquidity inflow after the ECB meet. The Nikkei 225 was up 1.96 per cent, the Hang Seng rallied 2.37 per cent, the Taiwan Weighted gained 1.47 per cent and the Kospi moved 2.27 per cent higher.
"European Central Bank President Mario Draghi outlined the central bank's highly anticipated bond purchasing program. The Labor Department's report which showed a bigger than expected drop in first-time claims for unemployment benefits in the week ended September 1st added to the positive sentiment," said Angel Broking in a note.
At 09:50 a.m; the Nifty was at 5,315.35, up 76.95 points or 1.47 per cent. The broader index touched a high of 5,324.40 and a low of 5,315.35.
The Sensex was at 17,602.47, up 256.20 points or 1.48 per cent. It touched a high of 17,636.13 and a low of 17,575.79 in trade today.
"Market internals indicate relatively lower volumes and a balanced A/D ratio. Even the volatility dropped off a bit owing to a rather tight trading range," said an Edelweiss report. "Momentum oscillators on the hourly chart continue to diverge positively, along with an oversold stochastic oscillator. Expect Nifty to hold its key pivot of 5,200 and exhibit counter-trend rally upto 5,300 / 5,330 in the immediate near-term within an establish downtrend."
The BSE Midcap Index was up 1.11 per cent and the BSE Smallcap Index moved 0.97 per cent higher.
Among the sectoral indices, the BSE Metal Index was up 1.94 per cent, the BSE Bankex gained 1.88 per cent, the BSE Oil & Gas Index moved 1.75 per cent higher and the BSE Realty Index moved 1.57 per cent higher.
ICICI Bank (3.42%), Tata Steel (3.36%), Tata Motors (3.30%), Jaiprakash Associates (2.61%) and Sterlite Industries (2.51%) led the gainers pack.
Hero MotoCorp (0.06%) was the only Nifty loser.
The market breadth was positive on the NSE with 1,061 gainers against 275 losers.
The foreign institutional investors bought equities worth Rs 166.58 crore on Wednesday, as per provisional data from the NSE.
The Asian markets were sharply higher on expectations of further liquidity inflow after the ECB meet. The Nikkei 225 was up 1.96 per cent, the Hang Seng rallied 2.37 per cent, the Taiwan Weighted gained 1.47 per cent and the Kospi moved 2.27 per cent higher.
+POWERED BY: THE ECONOMIC TIMES
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