Indian Markets extend gains - LuvKush Finserve

The benchmark Sensex topped the psychological 20,000 mark intra-day and the markets extended gains on Tuesday to end at new two-year closing highs on the back of better-than expected third quarter earnings so far.

The BSE benchmark surged to a high of 20,037 and finally ended up 80 points at 19,987. NSE Nifty ended at 6,057 up 33 points. On January 7, 2011, the Sensex had ended at 19691.81 and on January 5, 2011 the Nifty had ended at 6,079.80. BSE realty index surged 1% to 2,276 on hopes that easing inflation would help the central bank to cut rates at its policy meet during the end of the month.

FMCG, bankex, consumer durables and oil & gas indices added 0.5-0.7% each. On the other hand, BSE metal index showed some weakness, owing to global pressure. The index was down marginally at 11,042. Telecom shares gained on reports that mobile service providers will hike voice call tariffs.

Bharti Airtel was the top gainer among Sensex stocks - up 5% at Rs 345. Idea ended up 8.3% at Rs 122 and Reliance Comm ended up 2.7% at Rs 86. The broader markets were mixed. The BSE mid-cap index added 0.3% to 7,262 while small-cap index fell marginally to 7,504.

Source : Equity Bulls

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