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Market Commentary
Indian Markets recover - NIFTY up 1.57%, Sensex up 1.36%
Posted On : 2007-04-03 06:45:23( TIMEZONE : IST )
Indian Markets recovered from the bashing it received on Monday due to RBI measures to curb inflation. The S&P CNX NIFTY was up by 1.57% and BSE Sensex closed up by 1.36%.
The NIFTY opened the day at 3633.85 and hit an intraday low of 3632.20. The indices then recovered and scaled higher levels and hit an intraday high of 3703.05 before closing at 3690.65, up by 1.57% or 57.05 points.
BSE Sensex opened the day at 12503.75 and hit an intraday low of 12481.86. The indices recovered smartly and hit an intraday high of 12657.75 before closing at 12624.58. Sensex was up 169.21 points or 1.36% compared to its previous close of 12455.37.
Out of 30 stocks in Sensex, 25 stocks closed higher and 5 stocks closed lower compared to their previous close. BHEL and NTPC were the top gainers in Sensex with both stocks gaining more than 4% during the day's trading.
BHEL was up by Rs.100.40 or 4.66% at Rs.2254 after the company announced provisional results for year ending 2006-07. NTPC Ltd was at Rs.154.05, up by Rs.6.75 or 4.58%. Other major gainers include WIPRO, Hero Honda, Grasim Industries, Satyam Computers, Reliance Industries.
In NSE, out of 50 stocks, 41 stocks were gainers, 8 were losers and 1 remained unchanged. Oriental Bank of Commerce was the major gainer with the stock gaining 5.58% to close at Rs.177.95. The stock had hit an intraday low of Rs.165.40 and high of Rs.186.45.
GAIL was the second major gainer in NIFTY with the stock up by 4.85% at Rs.279.90. Jet Airways (Rs.632.55, +4.84%) and BHEL (Rs.2255.05, +4.68%) were the other stocks to gain more than 4%.
SAIL closed the day at Rs.111.15, up by 3.25% compared to its previous close of Rs.107.65. The stock hit an intraday high of Rs.111.75 and low of Rs.106.25.
Other major gainers include WIPRO, Satyam Computers, Hero Honda, IPCL, Hindustan Lever, Infosys Technologies, ONGC, Grasim Industries, HCL Technologies and Reliance Industres with all these stocks closing higher by more than 2%.