Markets make smart recovery on IIP data

Markets make smart recovery on IIP data
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First Published: Thu, Jun 12 2008. 05 06 PM IST
Updated: Thu, Jun 12 2008. 05 06 PM IST
The markets made a smart recovery of nearly 500 points by close with the benchmark settling at 15,250 levels, up 65 points on better-than-expected IIP numbers.
It had dropped to 14,747 levels in intra-day deals. In broader markets, the Nifty moved up 16 points to close at 4,539 levels.
“Short covering is emerging at lower levels as investors are not covering their positions at lower levels. Technical charts suggest that the short-term trend is down until 4,756 points is not decisively crossed, while 4,390 points is the pivot,” said a technical analyst with Religare Securities.
“The markets have given thumbs-up to the IIP data, with investors and bargain hunters looking for attractive deals,” noted Alex Mathew Head, Research Centre - Geojit Financial Services Limited.
In other Asian markets, Nikkei stock average slumped 2.3% to a two-week low on a stronger yen and deepening inflation worries. Hong Kong share prices also skidded 2.1% in early trade on 12 June, following the overnight drop on Wall Street amid another spike in oil prices.
Back home, leading the pack of gainers among the Sensex scrips were BHEL, Reliance Infra, Tata Steel, State Bank of India and Wipro. They firmed up over 2% each. Larsen and Toubro, Reliance Industries, Jaiprakash Associates, Grasim Industries and Bharti Airtel also ended firm.
Among sectoral indices, the consumer durables index was the top gainer. Rajesh Exports at Rs79 levels surged 13.1% by close. Videocon Industries and Titan Industries also logged smart gains.
Strong buying was also visible in oil and gas scrips with Reliance Natural Resources firming up 7%. Aban Offshore, Essar Oil, Reliance Petroleum, GAIL India and Reliance Industries were the other key gainers in this space.
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First Published: Thu, Jun 12 2008. 05 06 PM IST
More Topics: Markets | Stocks | Sensex | Nifty | BSE |