Short covering has taken the benchmark Nifty above the 5,500-mark today. The recovery was on expected lines after a sell-off seen in previous four sessions. Approval of US debt limit yesterday has given a sigh of relief for global markets.
Asian markets like Hang Seng, Nikkei, Straits Times and Kospi went up 1-1.8%. Taiwan rose 0.5% while Shanghai was flat. Even Dow Jones and NASDAQ futures gained 1.5% each.
Indian markets too participated in the rally. The 50-share NSE Nifty was trading at 5,528, up 47 points and the 30-share BSE Sensex jumped 165 points to 18,362.
Financial stocks like HDFC, ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Axis Bank moved up 1-3%. Technology stocks too gained as they are the software exporters; Wipro and Infosys rose 1.3% each. TCS was up 0.6%.
However, SAIL (post earnings) and JSPL were biggest losers on Nifty, with falling between 3% & 4%. Sterlite Industries and Sesa Goa gained 2-2.5%.
Though the market was on buyers' radar today but the market breadth was not suggesting too much strong trade today. About 709 shares advanced against 516 shares declined on National Stock Exchange.
The markets clearly appear to be in a range of 5400- 5750
Asian markets like Hang Seng, Nikkei, Straits Times and Kospi went up 1-1.8%. Taiwan rose 0.5% while Shanghai was flat. Even Dow Jones and NASDAQ futures gained 1.5% each.
Indian markets too participated in the rally. The 50-share NSE Nifty was trading at 5,528, up 47 points and the 30-share BSE Sensex jumped 165 points to 18,362.
Financial stocks like HDFC, ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Axis Bank moved up 1-3%. Technology stocks too gained as they are the software exporters; Wipro and Infosys rose 1.3% each. TCS was up 0.6%.
However, SAIL (post earnings) and JSPL were biggest losers on Nifty, with falling between 3% & 4%. Sterlite Industries and Sesa Goa gained 2-2.5%.
Though the market was on buyers' radar today but the market breadth was not suggesting too much strong trade today. About 709 shares advanced against 516 shares declined on National Stock Exchange.
The markets clearly appear to be in a range of 5400- 5750
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