Nifty continues upward march and closed above 5900 level - GEPL Capital

The Nifty continued with its upward march and closed above 5,900 level on the back of sustained buying across the board by foreign institutional investors. The S&P BSE Sensex also ralled nearly 2% to close 385 points higher.

The US government shutdown brought back US dollars in Indian markets as FIIs feared that the Quantitative Easing will continue in the US for a longer period. Meanwhile, Finance Minister, P Chidambaram's comments that the Indian is likely to do better in the second half of the fiscal year than in the first six months also boosted sentiment. The minister also expressed confidence that India would comfortably meet the $70-billion current account deficit (CAD) target, given the sharp drop in gold imports in the wake of government measures to rein them in.

The Indian rupee appreciated against the US dollar and was at 1-week high. The partially convertible rupee was at 61.77 per dollar, up 69 paise, against its previous close of 62.46.

The 50-share index ended at 5,909.70, up 129.65 points or 2.24 per cent. The index touched intraday high of 5,917.60 and a low of 5,802.70. The S&P BSE Sensex closed at 19,902.07, up 384.92 points or 1.97 per cent. It touched a high of 19,929.24 and a low of 19,583.97 in trade today. The S&P BSE Midcap Index was up 1.34 per cent and the S&P BSE Smallcap Index gained 0.87 per cent.

Among the sectoral indices, the S&P BSE Metal Index was up 3.90 per cent, the S&P BSE Bankex gained 3.26 per cent, the S&P BSE Capital Goods Index advanced 2.82 per cent and the S&P BSE Auto Index was 2.62 per cent higher. The S&P BSE FMCG Index was down 0.89 per cent.

Source : Equity Bulls

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