Zee News Mar 14, 2009 Global Rally Pushes Mkts, Sensex Up 5.17 Percent

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Jagannadham Thunguntula, equity head at SMC Capitals, said: "We should not be reading too much into this rally. A lot of traders were just buying to cover their short position. In a bear market it is …

Jagannadham Thunguntula, equity head at SMC Capitals, said: "We should not be reading too much into this rally. A lot of traders were just buying to cover their short position. In a bear market it is natural to see such cyclical rallies.
"Moreover we were closed for two days and so the markets had some catching up to do with global bourses that were doing well."

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  • 1. Global rally push mkts, Sensex up 5.17% Mumbai (IANS): Indian equities markets raced to keep up with a global rally after a two-day break as bulls overshadowed the sceptics, pushing a key index up 5.17 percent from its close the previous week. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended trade Friday at 8,756.61 points, a gain of 430.79 points or 5.17 percent from its previous weekly close. The broader S&P CNX Nifty index of the National Stock Exchange (NSE) shut shop at 2,719 points, about 3.8 percent higher than last week's close. Broader market indices like the BSE midcap index gained 54.06 points or 2.09 percent while the BSE smallcap index was up 22.23 points or 0.77 percent. But Jagannadham Thunguntula, equity head at SMC Capitals, said: quot;We should not be reading too much into this rally. A lot of traders were just buying to cover their short position. In a bear market it is natural to see such cyclical rallies. quot;Moreover we were closed for two days and so the markets had some catching up to do with global bourses that were doing well.quot; Markets started the week on a dismal note with investors continuing to sell, pulling the Sensex down 165.42 points or 1.99 percent to close at 8,160.40 points Monday. Tuesday and Wednesday were holidays on account of Prophet Mohammed's birth anniversary and Holi. Global markets were however on the rise during these two days with key US stock market indices posting handsome gains. Markets reopened Thursday to investors looking to cover their short positions and overall positive global cues having its effect on Indian bourses as well. The 30-scrip Sensex, which opened at 8,274.78 points, rose 183.25 points or 2.25 percent to close at 8,343.75 points. Similarly, Nifty gained 1.72 percent from its last close to end at 2,617.45 points. Friday saw the Indian equities rocketing as investors bought more to cover up their short positions and global markets continued to trade in the green. The Sensex, which opened at 8,480.74 points, rose 412.86 points or 4.95 percent to end at 8,756.61 points. Similarly, the Nifty gained 3.89 percent from its last close to end at 2,719.25 points.
  • 2. The top gainers in the Sensex were HDFC (up 18.7 percent), Tata Motors (up 13 percent), TCS (up 10.1 percent) and Hindalco (up 9.5 percent). Among top losers were Ranbaxy Labs (down 12.9 percent), Bharti Airtel (down 7.2 percent), NTPC (down 5.3 percent) and ITC (down 4.8 percent). Foreign funds however were still net sellers this week, taking back $22 million as they scrambled to meet payment obligations in their home countries.