Friday December 28, 03:30 PM
Climbing wall of worries... |
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By Equitymaster.com
The sentiment perked today as institutions returned to the bourses. Software saw a major bout of buying. The positivism also watered down to cement, commodities, auto and banking. It seems that investors felt that the war worries had been factored in enough on the Indian bourses. Moreover, Wall Street and other Asian markets have been firm.
The BSE Sensex closed at 3,181 (up 49 points) and the Nifty Fifty closed at 1,036 (up 16 points). The rupee was trading at Rs 48.25 per US dollar.
Digital, Infosys, Satyam, Wipro (WIPRd.BO, news) , VisualSoft (VISO.BO, news) , Tata infotech (TTIN.BO, news) , Silverline, NIIT, Hughes Software, GTL, HCL (HCLL.BO, news) Info and HCL Tech led the software surge. According to market circles, institutional buying was largely behind this surge. The valuations of many of the software counters had become attractive owing to the battering they received in the last few days.
ACC, Guj Ambuja, L&T and Grasim took up the baton for cement. Commodities too finished stronger. These included Hindalco (HALC.BO, news) , Indo Gulf (IGLF.BO, news) , Indal and Tisco. Telco, Ashok Leyland (ASOK.BO, news) , TVS, Hero Honda (HROH.BO, news) , Escorts (ESCO.BO, news) and LML were key gainers among auto.
Banks too perked up today. ICICI Bank (ICBK.BO, news) , Federal Bank (FED.BO, news) , GTB, IDBI Bank (IDBK.BO, news) , Vysya Bank (VYSA.BO, news) , BOB, SBI and Corporation Bank were in demand today. ICICI (ICICp.BO, news) and IDBI (IDBI.BO, news) were also strong today. Among FMCG, HLL, recovered to close in the positive. Nestle and Tata Tea (TTTE.BO, news) were the other key gainers.
However, market circles opine that volatility in the Indian bourses cannot be ruled out in the next few days owing to the Indo-Pak spat.
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