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Realty to Banking | No Place to Hide for Shorters
Market inched higher for a fifth consecutive day of as both the benchmark indices closed with nearly 3% gains on the back of sharp recovery seen in last one and half hour of trading session. Market started its day in weak note from weak Asian market and sideways US clues. The Sensex touched the day's low of 10,116, down 222 points. The Sensex to recover the lost ground but it managed its way and finally closed in big bang way. All bluechip stocks helped market to inched higher. The Sensex ended the day with a gain of 293.44 points, or 2.84% at 10,631.12 after touching a high of 10,668.48 and a low of 10,116.22. The broad-based NSE Nifty climbed 98.25 points, or 3.23% at 3,142.10 after hitting a high of 3,152.30 and a low of 2,985.00.
IT stocks however ended sharply lower on speculation that if Obama wins the US presidential election, the outsourcing business of the country will be curtailed. Finance Minister, P.Chidambaram met PSU Bankers today and discussed Agriculture & SME credit, liquidity enhancing measures, credit growth, capital adequacy with them. Major PSU banks see interest rates softening after opening of liquidity tap by RBI last week. Bank stocks led the rally on the domestic bourses in late trade, with gains in key overseas equity markets supporting the upmove.
Asian stocks rose, led by Japanese and financial companies, as lending costs tumbled the most in almost a decade in Japan and Australia`s central bank cut interest rates.
Among the sectoral indices, BSE Realty index was the top gainer, surging 12%, followed by Bankex, which gained 6.6%. IT and Teck indices were the sole losers, down 4.3% and 0.8% respectively. DLF and Ranbaxy surged 14.7% and 10% respectively, becoming top gainers among the sensex stocks while Satyam and TCS were the top losers, plunging 7.4% each.
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