Indices Bounce Back, SBI Up By 9.7%
Suparna / 23 May 2014
The Indian markets witnessed a superb rally in the closing bell. The major reason being the banking stock SBI which witnessed an omnipresent move after its Q4 net profit surprised the D-street. As a result, the 50 share Nifty index closed up by 90 points at 7367 and the 30 share BSE index was up by 318 points to trade at the level of 24693 in the closing bell
The Indian markets witnessed superb rally session in today’s closing bell, followed by banking stock. Capital goods, Auto, Metals and Oil & Gas also provided good support to indices. Whereas Consumer Durables dragged and closed on the lower side. The Nifty closed higher by 90 points at 7367 and Sensex was up by 318 points at 24693.
The advance-decline ratio on NSE was positive, as the day ended with 2432 shares trading in green and 1122 shares in the red zone.
Top Nifty Gainers: SBI gained 9.63% in today’s trade, followed by Tata Power, Jindal Steel, PNB and Maruti Suzuki.
Top Nifty Losers: Hindalco closed the day lower by 1.97%, followed by Kotak mahindra, HDFC bank, Infosys and IndusInd Bank.
Most of the sectoral indices closed on a positive note. Bankex stock rallied in today’s trading session, up by 283 points. It was followed by Capital Goods. Metals and Auto also witnessed good up move around 250 points each. While the Mid-Caps and Small Caps closed in a positive territory, up around 150 points each. However Consumer Durables and FMCG closed on some weaker note.
All the major Asian markets closed on the positive note for today’s session. The Nikkei market closed up by 124 points, while, Hang Seng witnessed moved up by 12 points. KOSPI and Taiwan closed on the positive note.
Buzzer: SBI was up by more than 9.5% on the bourses today and closed around the technical level of Rs 2750. If the stock opens above this level, it may touch the Rs 2770/2790 mark in the next few sessions.
Nifty future managed to sustain above 7250 level and closed above the technical level of 7350, which is a bullish sign for further trading sessions.
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