Nifty ends above 6K for first time in two years
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Nifty ends above 6K for first time in two years

Last Updated: Thursday, January 03, 2013, 16:59
 
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Nifty ends above 6K for first time in two years
Mumbai: The BSE benchmark Sensex on Thursday ended 51 points higher and Nifty closed above 6,000 level for the first time in two years led by IT and refinery stocks amid firming global trend.

The Sensex rose by 50.54 points, or 0.26 percent, to 19,764.78, a level last seen in January 2011. The index had gained 288 points in last two sessions.

Similarly, the broad-based National Stock Exchange index Nifty ended 16.25 points up, or 0.27 percent, to 6,009.50, for the first time in two years.

Brokers said trading sentiment bolstered after the US Congress passed the "fiscal cliff" deal besides a better US manufacturing data boosting investor confidence.

They said the market was further supported by Asian stock rising to 17 months high and European market opening firm following reports of expansion in China's services industries raising hopes of faster global economic recovery.

The upsurge was led by stocks of software exporting companies as country gets over 60 percent of their revenue from the US and European markets.

Besides, expectation of attractive quarterly results by IT major Infosys next week and interest rate cut by the Reserve Bank of India later this month boosted the sentiment, they added.

"Markets consolidated after recent rally, but inched higher to close above 6,000 mark led by gains in IT and Oil & gas stocks. Throughout the day, profit-booking was visible in banking stocks and momentum shifted to mid cap and small cap counters," says Amar Ambani, Head of Research, IIFL.

In the 30-BSE index components, 14 stocks gained led by the two most-heaviest - Reliance Industries and Infosys. The two stocks carry nearly 18 percent weightage on the benchmark.

The Oil and Gas sector index gained the most by rising 1.37 percent to 8,763.88 followed by TECk index by 1.32 percent to 3,491.06. IT index rose by 1.10 percent to 5,744.07.

PTI



First Published: Thursday, January 03, 2013, 16:54


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