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Short Covering Led Markets Higher

Sensex ended higher on Friday,tracking cues from Wall Street as traders unwound short position ahead of expiry.Sensex closed the day up 1.74 percent up 194.06 points to close at 11,329.05.NSE closed the day up 1.64 percent, to settle at 3,480.75.Market breadth remained positive as 1536 stocks closed in green while 970 stocks closed in red and 96 stocks remained unchanged in BSE.BSE Midcap closed higher 1.86 percent up 65.91 points to 3,600.09 and Small Cap indices gained 1.71 percent up 68.48 points to 4,068.26.

Top Gainers were Adani Enterprises up 14.55 percent, IDBI Bank up 12.32 percent,Century Textiles up 9.70 percent, Videocon Industries up 9.01 percent.Top losers were Jai Corp Ltd. down 4.98 percent,Hind. Copper down 4.98 percent,Zee Entertainment down 3.42 percent,MphasiS Ltd. down 3.41 percent.

BSE Bank index ended higher up 2.77 percent or 150.51 points at 5,591.7 on expectations that lower interest rates. IDBI Bank was up 13.08 percent, Punjab National Bank was up 5.28 percent, Axis Bank was up 5.21 percent, Bank of India was up 3.97 percent.

Markets will be closed on Thursday due to elections and on May 1 due to Labour Day.

Asian markets were mostly lower on Friday as weak corporate earnings weighed on markets.Japan's Nikkei 225 Average down 1.57 percent down 139.02 points at 8,707.99.Hang Seng Index rose 44.39 points to 15,258.85 after a volatile session.Shanghai Composite Index fell 0.62 percent down 15.36 points to 2,448.60 led by financial stocks on speculation the banking regulator might tighten lending norms.KOSPI index fell 14.70 points to 1,354.10.Straits Times Index was down 0.38 percent 7.13 points to 1,852.85.
Friday,24 April 2009

 

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