Nifty ends above 17K, broader market outperform benchmarks
(Nvonews.com)
On the back of positive global cues led by great results from Apple, the BSE 30-share Sensex ended today above the 17,000 mark, with a gain of 81 points, at 17,077. While the broader based 50-share Nifty of the NSE, ended with a gain of 31 points at 5,158 points.
The BSE midcap index ended with a gain of 72 points or 1.25%. SCI was the biggest gainer in the mid-cap segment, rising 11.4% to Rs 66. IL&FS Transportation Network advanced spectacularly by 10.2% to Rs 201. Great Eastern Shipping, Tata Teleservices, Aurobindo Pharma, Dish TV and Sintex Industries also gained 7.5-8.5% each.
Tech stocks in general profited from Apple’s results, with Infosys going up by 1.5% , Reliance Industries was another performer with a jump of 1% to Rs 783 after it announced a buyback offer at 870 per share.
Tata Motors saw its stocks rise by 3.8% to Rs 230.
However, the best performer in the largecap segment today was Coal India which rose by 4% to Rs 343. Other companies in the largecap segment which made advances in their market value were Tata Steel, Sterlite Industries, Maruti Suzuki, HDFC and Bharti Airtel each rising by nearly 1-3%.
January has seen Foreign Institutional Investors (FII) pump in as much a Rs 7,500 crore into the market. “There is an almost 30% open interest in Nifty from expiry to expiry, which clearly suggest that apart from FIIs who formed long positions, lot of domestic participants are still short. Addition of open interest and more than 65-66% of rollover clearly indicates that lot of shorts are also getting rolled over. So, I am not bearish on the market,” Siddharth Bhamre of Angel Broking said. The long and the short of it is that there is still significant potential in the market to rise.
The market breadth was positive with 1806 shares advancing as opposed to 1040 losing on the BSE, and broader markets outperformed the benchmarks. Markets will remain shut tomorrow on account of the Republic Day.
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