Market ends the day in green, up 115 points

Indian markets closed the day on a positive note after trading in the red till mid session. Once the GDP numbers were published, markets gained momentum and moved northwards. BSE Sensex closed 115 points higher at 16123.46 while Nifty shut shop at 4832.05.

Even though GDP numbers were in line with market expectations, one must understand that until broad economic concerns are resolved markets will remain volatile.

European markets opened lower and continue to trade in the red. Other Asian Pacific markets also closed on a negative note.

Dow Jones Futures is currently trading 28 points or 0.24 per cent down at 11537, indicating negative sentiment in the US markets.

Back home most the sectoral indices erased their morning losses. Oil and Gas index was the top gainer at 2.09%. FMCG, Power, Tech, PSU, IT, Healthcare and Metal indices closed also closed in the green. CD index remained the top under performer, down 2.21 per cent.

Among the Sensex stocks, 20 ended the day as gainers. Bharti Airtel was 3.17%. ONGC also gained over 3 per cent. Shares of Sun Pharma, NTPC, Hindustan Unilever, Jindal Steel, DLF and TCS ended higher by over 2 per cent. RIL also closed in the positive.

In the losers list, ICICI Bank topped with a cut of 3.01 per cent. Sterlite industries, Hero MotorCorp and Tata Motors were also down by over 1 per cent.

Mahindra & Mahindra Financial Services closed higher by 5.45 per cent. Pipavav Defence also gained 5 per cent. Shares of Sangam India‎ touched the upper circuit.

KEC international shares failed to react to news of winning orders worth Rs 147 crore, closing the day at a cut of 2.85 per cent.

Areva T&D has been awarded a contract worth Rs 22 crore from by North Eastern Electric Power Corporation. Petron Engineering Construction has also bagged a project worth Rs 104.93 crore from GAIL.

The overall market breadth, which indicates the overall health of the market, remained very mixed. Out of a total of 3186 stocks traded, 1419 stocks advanced, 1590 stocks declined while 177 stocks remained unchanged.

Policy makers have stated that the GDP numbers are not that weak in view of the global scenario. Montek Singh Ahluwalia said that the growth will moderate to 7-7.5 in in the last quarter. One though must not ignore the high inflation haunting the economy. But some respite could come from RBI's interest rate cuts.