Markets ended on a firm note led by short covering, and buying in IT and auto shares. The Nity closed up 70 points, at 5,015 and the Sensex up 240 points, at 16,698 (provisional).
-------------------Updated at 14:26 hrs
Markets shrugged off subdued global cues and were trading near day’s high in the afternoon trade buoyed by buying in IT and Auto shares. The Nifty was up 30 points; at 4,975 and the Sensex advanced 131 points, at 16,577.
Earlier in the day, the Sensex opened in the red and succumbed to selling pressure due to futures and options expiry and nervousness over Euro-zone bail-out plan. The Nifty however changed tracks around noon session and was trading firm currently.
In Asia, the markets ended mixed as cautiousness prevailed ahead of the crucial German vote for extending the European bailout fund, which would help save Greece from a default. The Japan’s Nikkei Stock Average advanced 1% and the Shanghai Composite Index ended down, over 1%.
In Europe, the markets were trading flat; the CAC40 and the DAX were trading marginally up, while the FTSE 100 was down 0.4%.
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Back in India, markets also shrugged off high inflation data for mid-September. The government data indicated that food price index surged to 9.13% in the year to September 17.
Among the Sensex stocks, Infosys, HDFC Bank and HDFC were up between 2-3% each, helping the Sensex recover. The three heavyweights pulled the index up by over 70 points. Only nine components on the Sensex were trading in the red, Larsen & Tourbo fell over 3%, followed by State Bank of India and Coal India.
From the IT space – HCL Technologies, Financial Technologies and Mphasis added 1% each.
Among the auto stocks, Maruti gained 3%, followed by Mahindra & Mahindra and Bajaj Auto, up 2% each.
Market breadth was negative; 1501 stocks declined for 1095 stocks which advanced.