Indian market rebounded sharply from its initial losses to end the day with handsome gains on strong buying emerged during final trading hours. The benchmark indices closed near day's high on significant buying over the counters led by recovery in US index futures along with firm European markets. Market rallied sharply also following strength in Chinese stocks. However, market remained volatile during the trading session on account of concern regarding pressure of weak monsoon rains on the domestic economy. Meanwhile, the Meteorological Department said that the rainfall in the country were 2 per cent below normal in the week ended 19 August 2009. Additionally, the rainfall deficit in the country has reduced to 26 per cent during the period from 1 June 2009 to 19 August 2009 from 29 per cent during the period from 1 June 2009 to 12 August 2009.The BSE Sensex ended above 15,200 level and NSE Nifty closed above 4,500 mark.
Market opened on downbeat note tracking weak Asian stocks. However, US stocks markets closed higher on Thursday, backed by encouraging manufacturing report. The Philadelphia Federal Reserve branch said its gauge of manufacturing activity in the region reported surprise increase in August. Meanwhile, US stocks ignored disappointing jobless claims report that came in higher than expectations at 576,000 for the week ended August 15. Further, Indian stocks observed heavy selling pressure till mid session. However, market managed gain ground further and made sharp rebound from earlier losses to hold the positive zone on striking rise in the Chinese markets. Finally, market ended higher on upswing surfaced over the ground. From the sectoral front, all indices ended in green. Among those, most of the buying was witnessed in Realty, Auto, Teck, IT, FMCG, Bank, Oil & Gas and Power stocks. Broader markets also remained on buyers' radar as BSE Midcap and Smallcap...
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