Mar­ket sen­ti­ments up as crude prices slide down

Sen­sex and Nifty both close the day with gains of over two per cent

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE - DNA Money Correspondent correspondent@dnain­dia.net

Mum­bai: Dalal Street fi­nally out­smarted global mar­kets with both the bench­mark Sen­sex and the Nifty clos­ing the day with gains of over 2 per cent.

At the close of mar­ket hours, the Sen­sex ended up 732.43 points or 2.15 per cent at 34733.58, while the Nifty closed higher by 237.80 points or 2.32 per cent at 10472.50. The mar­ket breadth was pos­i­tive as 2,024 shares ad­vanced, against a de­cline of 630 shares.

Maruti Suzuki, Mahin­dra & Mahin­dra, and Eicher Mo­tors are the top gain­ers. TCS and HCL Tech­nolo­gies were the big losers.

Bar­ring the IT in­dex, which lost nearly 1 per cent in trade on Fri­day, all other sec­toral in­dices closed the day with sharp gains.

“Mar­kets in In­dia traded on a firm note on Fri­day af­ter wit­ness­ing in­tense sell­ing pres­sure over the last few days. Do­mes­tic mar­ket sen­ti­ment was up­beat backed by a re­cov­ery in global stocks. Ad­di­tion­ally, traders took to buy­ing stocks at lower lev­els as well, hop­ing for a short-term pull­back. Most Asian stocks rose, hold­ing steady af­ter a nine-day los­ing streak,” said Ab­hi­jeet Dey, Se­nior Fund Man­ager-eq­ui­ties, BNP Paribas Mu­tual Fund

While Dow Jones In­dus­trial av­er­age was down 5.27 per cent, with one day to go and Shang­hai was down 7.60 per cent this week, Nifty did well clos­ing a tur­bu­lent week 1.51per cent higher.

Bank Nifty, bit­ten down since the NPA mess emerged again, did even bet­ter, manag­ing to out­per­form with a 3.9 per cent gain for the week.

“The bounce back of Nifty from Thurs­day’s low of 10,139 was largely ac­com­plished on the back of slid­ing crude oil prices and a ris­ing Ru­pee,” said VK Sharma of HDFC Se­cu­ri­ties.

Brent Crude oil has fallen 7 per cent from its re­cent highs near 86. “The jig­saw puz­zle for our mar­kets is fall­ing into place. The lin­ger­ing is­sue for the mar­kets will be how the US re­acts to In­dia’s by buy­ing the Rus­sian mis­sile sys­tem,” Sharma said.

Pic­ture for rep­re­sen­ta­tion

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