Nifty above 3450; IT, Bank, Oil, Power indices up 3-5%

Posted by Deepak

April 29, 2009

the markets were witnessing huge buying interest on the back of uptrend in oil & gas, power, technology, banking, metal, realty, FMCG and select telecom stocks. Positive global cues were also supportive to our markets.

Heavyweights like Reliance Industries, ONGC, NTPC, Infosys, Bharti, ICICI Bank, TCS, Wipro, HUL, BHEL, SBI, HDFC and Reliance Communication surged 2.5-8.5%.

The Sensex was trading at 11,377, up 375 points and the Nifty was up 105 points, to 3,467, at 15:03 hours IST. Rollovers were increasing; marketwide and stocks futures rollover were seen at 64% each and the Nifty futures have seen a rollover of 63%. The Nifty May futures were trading in premium. Broader indices - BSE Midcap and Smallcap indices were up 1.4-1.8%.

The market breadth was positive; about 1642 shares advanced while 1322 shares declined. Nearly 146 shares were unchanged.

BSE IT, Bank, Oil & Gas, Power, Auto, Metal, Realty, Capital Goods indices were up 2-5%

Among the midcap stocks, Nirma, LIC Housing Finance, SKF India, Welspun Gujarat and Dish TV India were up 9.5-12.5%. In the smallcap space, JK Tyre & Industries, Shanthi Gears, Zylog Systems, Balaji Telefilm and Ruby Mills gained 12-16.5%.

European markets were trading higher. The FTSE went up 27 points to 4,123. The CAC was up 34 points, to 3,085 and the DAX was trading at 4,643, up 36 points. Source:moneycontrol.com