Positive cues from Europe and the US helped the Indian equities close with gains even as the markets grappled with failed placements of shares with institutions through qualified institututional placements (QIPs).
“The initial slide was on the back of the news that the Indian exports have dipped for the month of May 2009 and on the fear that the raising of funds through QIPs by the corporates would eventually lead to a liquidity squeeze,” said Alex Mathews Head, Research Centre – Geojit BNP Paribas Financial Services Limited.
The Sensex closed the day at 14645.47. The market bounced up by 151.63 points or 1.05% after falling nearly 300 points in the previous day’s session. The Sensex traded in a range of 372 points, between a low of 14,355.52 and a high of 14,727.49.
“…in the afternoon session, the positively trading European as well as the US index futures market gave their support to our markets to move up,” said Alex Mathew.
Realty was the best performer of the day, going up by 4.25%. Teck, Bankex, Auto and Oil and Gas, all gained more than 1%.
Consumer Durables was the weakest of the sectoral indices ending in the red by 0.15%.
The Nifty was up by 49.80 points or 1.16%. It closed for the day at 4340.90.
All the top gainers amongst the Nifty stocks had gains in excess of 4%.BPCL was the top gainer of the day rising from Rs.430.10 to Rs.455.30, a rise of 5.86%.DLF rose from Rs.310.80 to Rs.326.25, a rise of 4.97%. Axis Bank(closing at Rs.869.40), Reliance Capital (closing at Rs.938.35) and Idea Cellular (closing at Rs. 74.20) rose between 4.00% to 4.50%.
Hindalco was the top loser of the day, dropping to Rs.83.50 or 3.41%. Cipla was down 3.30% to end at Rs.245.00. Power Grid (closing at Rs.107.00), National Aluminium (dipping to the Rs.300 mark) and ONGC( down to Rs. 1,051.60) were the other laggards of the day, dropping 2.19%, 1.98% and 1.47% respectively.
“For the Nifty the major support is there at 4320, 4305 while the resistance is there at 4384 and 444.
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