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Markets remain in festive mood; Nifty at year’s high

December 24, 2009

The markets continued to cheer investors on the Christmas Eve with the BSE Sensex gaining 129 points and NSE Nitfy setting a new 52-week high at 5,178 on heavy buying by funds ahead of the long weekend amid reports of easing food inflation and positive global cues.

The Sensex, which gained 539 points on Wednesday, shot up further by 129.50 points or 0.75 per cent to shut the shop before a long-four-day weekend at 17,360.61 points, before touching high of 17,413.69.

Today’s close is a nine-week high since 17th October.

The wide-based National Stock Exchange index Nifty 50 too surged to touch the year’s high of 5,197.90, before ending with a slightly moderate gain of 33.80 points or 0.66 per cent to close at 5,178.40 points.

The Nifty recorded a handsome gain of 159 points on Wednesday.

Buying activity picked up following reports of food inflation cooling down to 18.65 per cent for the week ended 12th December from 19.95 per cent from the previous week.

Trading sentiment further boosted as major market participants indulged in covering their pending positions ahead of a long week-end beginning on Friday.

The market will be closed for Christmas tomorrow and reopen on Tuesday, after Monday’s holiday for Muharram.

The heaviest scrip Reliance Industries and the auto heavyweight Tata Motors recorded handsome gains, with firm global markets underpinning the positive sentiment.

Among the index scrips, as much as 25 ended with gains and four declined, while after a massive rally on Wednesday NTPC remained unchanged today

Among the Sensex stocks, index heavyweight Reliance rose by Rs 9.30 to Rs 1,075.20, Infosys up by Rs 6.70 to Rs 2,590.30, ICICI Bank by Rs 1.25 to Rs 862.70, Tata Motors by Rs 33.05 to Rs 779.95 and Sterlite Industries by Rs 12.15 to Rs 859,35.

All the five carry nearly 35 per cent weight on the index.

The BSE auto index gained the most by 1.50 per cent to 7,356.81 followed by the metal index by 1.42 per cent to 17,333.73.

The metal stocks rose on expectations the fast recovery in the global economy would boost demand for the sector.

Metals stocks have been the shining stars throughout the week.

The realty sector index rose by 0.80 per cent to 3,854.04, boosted by reports that core infrastructure industries grew by 5.3 per cent in November against meagre 0.8 per cent a year ago, in line with the recovery in industrial growth.

Oil and gas index rose by 0.90 per cent to 10,418.23 after reports the petroleum refinery products turned the table by expanding 4.9 per cent in the last month.

Barring the tech index, which remained unchanged at 3,263.53, all the sectoral indices ended in the positive zone.

With the buying activity spilling over a wide-front, the Mid-cap index rose by 0.72 per cent to 6,641.14 and Small-cap index by 0.60 per cent to 8,120.71.

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Categories: Business
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