Indian Markets zoom ahead, hits a new high

The Indian Stock Markets witnessed frenzied buying and hit a new high on Friday´s trading. The NSE S&P CNX NIFTY closed at 2982.75 after hitting an intraday high of 2989.70 and low of 2941.9. Indian markets are soaring to new highs on consistent buying by FIIs and local funds.

The third quarter results declared by most of the companies have beaten street´s expectations taking the markets higher.

The BSE Sensex closed at 9870.79 with a gain of 185.05 points on Friday. The Sensex touched an intraday high of 9883.95 and low of 9764.26. 26 stocks out of the 30 stocks in Sensex closed higher with 4 stocks witnessing decline on Friday.

Out of 50 stocks in NIFTY, 8 stocks witnessed decline while the rest closed higher. Tata Steel was the major gainer in NIFTY closing up by 8.84% at Rs.395.35. SAIL closed at Rs.57.75, up by 6.65% and NALCO closed at Rs.254.2, up by 5.67%. The metal stocks rose on the news of Mittal Steel´s bid for Arcelor.

The other major gainers in NIFTY were L&T, Glaxo and Punjab National Bank all gaining over 4%. ICICI Bank was up by 3.77% at Rs.619.55. The stock has gained nearly Rs.50 in the past 2 days due to heavy buying orders from FIIs.

Zee Tele, ITC and Dr Reddy were the major losers with all losing more than 1% during the day. ONGC was down 0.93% closing at Rs.1265.6.

Suzlon Energy was buzzing on the bourses with the stock zooming by more than 15% to close at Rs.1127.1. The stock hit a new high of Rs.1148 and closed up by nearly Rs.150 more than its previous close.

Cummins India was the major gainer in Junior NIFTY with the stock closing up by 9.65% at Rs.178.45 after touching a new high of Rs.182.4.

Bharat Electronics Ltd (BEL) was the major loser in Junior NIFTY with the stock closing down 2.79% at Rs.1161.15, followed by Nicolas Piromal closing down by 1.11% at Rs.240.2.

Source : Equity Bulls

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