Markets remain bullish, close 51 pts up
The 30-share BSE barometer, which remained distinctly lower and shed nearly 229 points in early trade, wiped off all the losses to end with a gain of 50.57 points at 15,167.82.Updated: Aug 08, 2008 17:11 IST
The markets overcame the initial setback on Friday as the benchmark Sensex gained over 50 points to to remain above 15,000-level at close on fag-end buying support in metal and capital goods stocks which are ruling low.
The 30-share BSE barometer, which remained distinctly lower and shed nearly 229 points in early trade, wiped off all the losses to end with a gain of 50.57 points at 15,167.82.
Among the 30-index stocks, 15 ended in positive terrain The key-index touched the day's low of 14,888.12 and a high of 15,228.82.
The wide-based National Stock Exchange index Nifty rose by 5.65 points at 4,529.50, after touching the day's low of 4,464.00 and a high of 4,546.35 points.
Initially, market remained under selling pressure on inflation crossing the psychological 12 per cent. Brokers said some of the index-related stocks became attractive after the fall in morning trading.
They said buying support from funds and general investors in fundamentally strong stocks mainly pushed up the market towards the close.
Metal, capital goods and banking segment stocks attracted investors. Metal index gained the most by 212.85 points at 13,098.82, followed by capital goods which closed higher by 170.98 points at 12,565.88.
Banking index also rose by 111.88 points at 7395.03 as HDFC Bank rose by Rs 26.50 at Rs 1280.20, ICICI Bank by Rs 20.40 at Rs 728.90, Kotak Bank by Rs 36.20 at Rs 638.95 and Yes Bank by Rs 2.70 at Rs 138.35.