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Nifty on firm foot; Cairn, Hindalco gain
August, 24th 2009

 Indian markets held on to early morning gains on Monday as sentiments turned bullish across the global markets on back of hopes that global economy  was recovery.

Markets are giving strong evidence of an intermediate rally if Nifty maintains above 4480. The outlook still remains cautious as the markets have once again given a breakout on the higher side. Now going forward its necessary that Nifty maintains above 4600 level for some time and consolidates before heading for 4880, said Nirmal Bang report.

At 11:45 am, National Stock Exchanges Nifty was at 4625.40, up 96.60 points or 2.13 per cent. The index touched an intra-day high of 4632.05 and low of 4536.95.

Bombay Stock Exchanges Sensex was at 15566.72, up 325.89 points or 2.14 per cent. The broader index hit a high of 15588.53 and low of 15362.93.

BSE Midcap Index gained 2.27 per cent and BSE Smallcap Index moved 2.19 per cent higher.

Amongst the sectoral indices, BSE Realty Index moved up 4.10 per cent, BSE Metal Index gained 3.04 per cent and BSE Capital Goods Index rose 2.48 per cent.

Cairn India (5.24%), Hindalco (4.90%), Unitech (4.20%), Siemens (4.16%) and Jindal Steel (3.96%) were amongst the Nifty gainers.

BPCL (-2.56%) was lone loser on the Nifty.

Market breadth was positive on the Nifty with 49 gainers and 1 loser.

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