Nifty rejoices in poll results

Markets reacted bullishly to the election results in four states and a union territory on Friday.

Markets reacted bullishly to the election results in four states and a union territory as the domestic bourses witnessed frantic across the board activities after an overnight fall with the benchmark S&P CNX Nifty gaining 58 points at the National Stock Exchange (NSE) today.

The 50-share S&P CNX-Nifty shuttled between a high of 5,605.00 and low of 5,472.15 before concluding at 5,544.75,a net gain of 58.60 points,or 1.07 per cent over its last close.

The session started on a better note after its overnight sharp fall taking cues from strong recovery in global bourses and traded range-bound but gradually picked up steam as trading progressed on low level buying.

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The trading sentiment,which was boosted by the UPA win in three state assemblies,took the key-index to 5,605– the days highest point.

However,the market encountered heavy profit selling towards the fag-end,giving away some of its initial gains before ending with smart gains.

The surge was led by FMCG followed by banking,oil&gas,technology,steel,capital goods and infra counters.

Dr Reddys,Axis Bank,JP Associates,ITC,Ambuja Cement,Ranbaxy,Hero Honda,Kotak Bank,Jindal Steel and Cipla were the top gainers from the Nifty.

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Total turnover in cash segment rose to Rs 10,632.82 crore from Rs 9,298.33 crore yesterday. A total of 5,451.61 lakh shares changed hands in 53,66,184 trades. The market capitalisation was at Rs 65,65,754 crore.