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HindustanTimes Wed,23 Apr 2014

Nifty at new high of 4,306, Sensex jumps 133 points

Vyas Mohan, Hindustan Times  Mumbai, May 31, 2007
First Published: 16:53 IST(31/5/2007) | Last Updated: 02:55 IST(1/6/2007)

A better-than-expected growth in the country’s economy and short covering on the day of derivative settlement saw the markets end Thursday on a firm note.

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While the 50-share index of the National Stock Exchange, the S&P CNX Nifty gained 1.09 per cent to settle at a new high of 4295.80 points, the benchmark index of the Bombay Stock Exchange, the Sensex gained 133.08 points or 0.92 per cent to close the day at 14,544.46 points.

The Indian economy reported a growth in GDP of 9.4 per cent in 2006-07, the fastest in twenty years.

Market experts think that the new contracts have lifted the support level, and expect the markets to carry forward the momentum on the back of strong rollovers.

“The rollovers have been quite strong at about 80 per cent. About 45 lakh put option contracts are open at Nifty 4200 in the June series, thus providing the index strong support at those levels,” says Zeal Mehta, derivatives analyst of Emkay Shares.

However, the inflation data that will be announced on Friday is expected to determine the broader trend here on.

“The NSE reported good turnover today and the rollover figures have been very decent. The inflation data that will be announced tomorrow, if lower, would cement the current trend in the markets.

The monsoon is expected to set in early this year and that could give the markets some impetus. FIIs have been net buyers for a few consecutive sessions now and that is a positive sign,” says Gaurang Shah, chief manager of Maharashtra region, Geojit Financial Services.

All sectoral indices of the BSE ended the day in green with the BSE Consumer Durables index topping the pack. However, the BSE Metal counter remained relatively inactive, as there were rumours in the market that steel companies may announce price cuts on Friday. However, a section of brokers said it is unlikely as steel prices are on the rise internationally.

Major gainers in the Sensex were Hero Honda (up 5 per cent at Rs. 732.35), HDFC Bank (up 3.18 per cent at Rs. 1139.75) and Maruti (up 2.63 per cent at Rs. 824).

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