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Nifty firm above 4450; M&M, Maruti up

20 Aug 09 12:14 PM
MUMBAI: Equities climbed higher Thursday as market mood turned bullish following rise in the Asian markets. Buying was seen across the board led
by gains in high beta stocks from auto, metals and realty space.

“Trend still remains nervous as we don’t find any fresh triggers which will help the markets to sustain above the 4510 mark. There are lots of resistances at every higher interval and we believe that profit taking cannot be ruled out. The current trend has turned volatile and the range for Nifty could be 4140-4650. Immediate support is seen at 4360. Unless we see a break below these levels we don’t see any fresh sell-off taking place. Resistance is placed at 4460, stability above this level could bring huge short covering,” said Nirmal Bang report.

At 11:10 am, National Stock Exchange’s Nifty was at 4467.60, up 73.50 points or 1.67 per cent. The index touched an intra-day high of 4482.15 and low of 4394.35.

Bombay Stock Exchange’s Sensex was at 15067.61, up 257.97 points or 1.74 per cent. The broader index hit a low of 14928.18 and high of 15117.

BSE Midcap Index was up 1.05 per cent and BSE Smallcap Index moved 0.90 per cent higher.

Amongst the sectoral indices, BSE Auto Index gained 2.07 per cent, BSE Metal Index moved up 1.97 per cent and BSE Capital Goods Index jumped 1.79 per cent higher.

M&M (3.65%), Maruti Suzuki (3.41%), Grasim (3%), ACC (2.90%) and Hero Honda (2.85%) were amongst the top Nifty gainers.

BPCL (-0.74%) was the only Nifty loser.

Market breadth was positive on the Nifty with 49 advances and 1 decline.

Asian equities climbed higher after crude oil prices rallied and following Wall Street cues. Shanghai Composite jumped 2.65 per cent, the Nikkei climbed 1.63 per cent, Hang Seng advanced 1.92 per cent and Straits Times added 1.13 per cent.

US markets ended higher shaking off a slide in Chinese stocks, as investors
responded favorably to a surprising drop in crude oil stockpiles that might suggest an improving demand outlook.