Short Covering Helps Markets, Sensex Rallies 100 Points
Vinaya Patil / 28 Mar 2013
The Indian markets have recovered smartly from the day’s lows led by buying in Metals and Capital Goods. These two sectors have under-performed the market in the March series and too many shorts were built up due to a short covering on the expiry, thus giving rise to a smart upmove in these sectors. At the end of the day, Nifty closed with gains of 40 points at 5682 and Sensex closed at 18,869.
The Indian markets have recovered smartly from the day’s lows led by buying in Metals and Capital Goods. These two sectors have under-performed the market in the March series and too many shorts were built up due to a short covering on the expiry, thus giving rise to a smart upmove in these sectors. At the end of the day, Nifty closed with gains of 40 points at 5682 and Sensex closed at 18,869, up by 165 points. Both the indices closed up in the range of 0.735%-0.88%.
The advance–decline ratio ended on a positive side at the end of the day. On the NSE, 921 shares closed in green and 503 shares closed in red.
Top 5 Gainers on NSE: GAIL ended up by 4.77% as the top gainer on NSE, followed by Siemens, Hindalco Indsutires, Ambuja Cement and IDFC.
Top 5 Losers on NSE: Tata Motors ended the day as the top loser on NSE, down by 2.41%, followed by Hero MotoCorp, Cairn India, Bharti Airtel and Jindal Steel and Power.
Most of the sectors ended in green. Capital Goods, Metals, Realty and Bankex were the top gainers among the sectoral pack. Auto ended with some pain, down by 0.68%, although it recovered from the day’s low.
The European markets are trading mixed. FTSE 100 and DAX are trading flat with a positive bias. CAC 40 is trading lower by 0.16%.
The Asian markets ended down. Shanghai Composite ended lower by 2.90%, followed by Nikkei 225 which closed down by 1.28% and Hang Seng closed down by 0.74%.
Buzzers: The Banking stocks saw a good momentum in the last hour of trade. ICICI Bank jumped by almost 4% from its day’s low. The stock opened at Rs 1025 and registered a low of Rs 1006 to close at Rs 1045, up by 2.38%.
Opto Circuits surged by more than 12% in today’s trade. The stock opened at Rs 53.60 and recovered smartly from the day’s low of Rs 50.45 to a new high of Rs 64.05. It saw an upmove owing to a short covering.
As we mentioned in our earlier update, Nifty has a strong support around the level of 5600 and a rally of almost 50-60 points was seen in the last hour of trade.
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