Tags:
Journalism of Courage
The sharp inflow of foreign funds buying spree amidst hectic short-covering broke the highly mined 6200-mark,as the benchmark CNX-Nifty surged by 143 points on the National Stock Exchange (NSE) today.
The 50-share index shot up to a high of 6,240.25 before closing at 33-month high of 6,233.90,up 143.00 points,or 2.35 per cent,over its last close.
The Nifty had closed above this level 6,272.00 on January 9,2008.
Despite opening on a positive note on the back of bullish global sentiments,the market soon gave back most of its initial gains due to volatility and stayed around 6,100 level.
Garnering European support the key-index turned highly bullish simultaneously consolidating gains,first conquering the 6200-mark before marching ahead.
Strong foreign fund inflow mainly contributed with heavy buying in today’s rally which culminated with all sectoral counters taking part namely financials and technology.
High expectations of the second quarter earning seasons,which will be out this week fundamentally boosted the market sentiment.
Top five Nifty gainers were,HDFC which rose 4.50 per cent,TCS 4.43 per cent,Wipro 4.30 per cent,JP Associates 4.26 per cent and Hind Unilever firmed up 3.96 per cent.
Total turnover in the cash segment shot up to Rs 19,537.94 crore from Rs 14,892.13 crore yesterday. A total of 10,086.54 lakh shares changed hands in 71,857,13 trades. The market capitalisation stood at Rs 72,62,507 crore.
