Positive global cues coupled with continued short-coverings on the expiry of the June derivatives contract, key Indian equity indices closed in the positive terrain. The 30-share Sensex of the Bombay Stock Exchange (BSE) gained 201.75 points or 1.42% before finally closing the day at 14,421.18 points.While broader S&P CNX Nifty of the National Stock Exchange (NSE) rose 63.20 points or 1.49% before finally ending the day at 4,315.85 points.
The Sensex opened the day at 14,300.72 points posting a high of 14,449.81 points and low of 14,196.68 points before finally closing the day at 14,421.18 points. The gains were led by stocks from IT and heavyweights such as Reliance Industries (RIL) and State Bank of India (SBI). Several stocks from the IT sector gained on Thursday after US Federal Reserve kept the rates steady. As Indian software exporters get a majority of their revenue from US clients, this development was considered as favourable for the sector, analysts said..
The overall roll overs for the month of June stood at 75% and the rollovers in the Nifty stood at around 72%. The figure for the same stood at around 85% in the previous expiry.
Viral Mehta, director, F&O, Mehta Equities said, ? The last hour of the trading session saw many short position being rolled over. Overall, we saw comparatively lesser rollovers as compared to the previous expires and the rolls were more on the shorts side reflecting the bearish view of the markets. However the rollovers were good in the cement, banking and the engineering sectors. Based on the rollovers, markets seems to see a further downside?.
Analysts believed that investors are still cautious about the rising inflation which is expected to stay in double digits for some more weeks taking a toll on the markets.
Among individual stocks, RIL having a highest weightage in the main index, hogged the limelight rising by Rs 103.90 or 4.87% to Rs 2,239.25, its highest close in a week. Amongst BSE sectoral indices, barring Bankex, realty and consumer durables all the sectoral indices ended the day in black.
The overall markets breadth remained slightly in the positive terrain at the BSE with 1,483 stocks advancing as against the 1,143 that declined and 72 remained unchanged. While in the Sensex, 17 stocks advanced, 13 declined. According to the provisional figures from the Stock exchanges the foreign institutional investors (FII) were net sellers at Rs 667.19 crore on Thursday, amid huge gross values as they sold stocks worth Rs 4,901.47 crores and bought stocks worth Rs 4,234.28 crores. While domestic institutional investors (DII) were net buyers at Rs 395.64 crore.