Trust vote doesn't break trust of investors

Trust vote doesn't break trust of investors


Markets upbeat in political uncertainty Valley investors rejoice over market uptrend

BILAL HUSSAIN


Srinagar, July 22: Bulls dominated trading at Indian bourses throughout the day ahead of the trust vote on hopes that UPA government would win on Tuesday. The BSE 30-share sensitive index, sensex, added 254 pts to close at 14,104 and NSE nifty advanced by 80 pts to settle at 4240. In intra-day trades today, the nifty touched a low of 4137.95 and a high of 4262.45. Most investors from the Valley booked profits and some showed sustained confidence in the market and picked select stocks.
Capital market experts here believe that upward journey of the indices won't continue for long as the market position depend on other parameters as well, which at present are not favorable for the markets.
Meanwhile, the Valley investors rejoiced over the recent upward journey of the sensex and nifty. "I did lose huge amount of money in the markets during past few months. However, few pushups that came of late in the markets was a big relief," said local investors Mustaq Ahmad.
The markets showed uptrend despite the weak global cues, rising crude prices and spiraling inflation with heavy weights leading the way. However, quarterly results from some blue chip companies turned out to be quite encouraging. Heavy buying was seen in sectors like steel, power, infra and banking stocks among the major gainers. Buying was also seen in mid-cap and small-cap stocks.
The BSE FMCG shot up by 4.35 per cent today. PSU, information technology and consumer durables stocks rallied sharply. Oil, pharma and realty stocks had a mixed run. Out of total of 2657 stocks traded on BSE, 1850 stocks closed with gains, 733 stocks finished on a weak note and 74 stocks ended flat.
The top contributors in the gain of indices were BHEL, Reliance Communications, ITC, SAIL, SBI, Wipro, ICICI Bank, Tata Steel and ONGC.
Today's turnover market traded at Rs 72,687 crore, it includes Rs 13,076.42 crore from NSE cash segment, Rs 54,100.84 crore from NSE F&O and the balance Rs 5,509.74 crore from BSE cash segment.
On the global front, Asian markets ended mixed. Nikkei rose 2.98 percent and Jakarta Composite up 0.81 per cent. However, Shanghai fell 0.53 per cent, Hang Seng -0.02 per cent, Straits Times 0.98 per cent, Kospi 0.11 per cent and Taiwan Weighted 0.28 per cent.
European markets were trading sharply lower, at the time of writing market report. FTSE 100 was down 1.4 per cent, CAC fell nearly 1 per cent and DAX down 0.64 per cent.