Markets End on a Strong Note

Strong cues from Asian markets and sustained buying by foreign investors, helped the markets to trade in green. After a firm opening, the Sensex touched its highest in two months, at 18,715. The index finally ended near its high at 18,694 - up 201 points. Nifty extended its rally and ended at 5,600 - up 55 points. The NSE index has gained as much as 6% in the last five days. The broader markets gained in line with the benchmark - up 0.8% each. While the mid-cap index was at 6,835, the small-cap index ended at 8,109. Foreign Institutional investors (FIIs) turned buyers last week and have bought shares worth Rs 3,296.4 crore since June 23. Metal stocks moved up, mirroring gains in the London Metal exchange. BSE metal index jumped 1.5% to 14,986. Jindal Saw surged 5.5% to Rs 158. Sterlite, Welcorp, Tata Steel, Sesa Goa and Hindustan Zinc advanced 2-3% each. Market heavyweight, Reliance, gained 1.7% at Rs 885 after the recent sell off. The stock had dropped to its 52-week low of Rs 829 a little more than a week ago after the Comptroller and Auditor General of India (CAG) questioned the decision of the oil ministry to allow RIL to raise the development cost of RIL's KG-D6 field. BSE market breadth was positive through the day. Out of 2,980 stocks traded, 1,789 stocks advanced while 1,053 stocks declined in trades.