Wednesday, January 28, 2009

Despite Weak Results: Markets Positive on Short Covering

The benchmark indices continued northward move for the second consecutive day and ended on a strong note led by short covering, ahead of expiry of January series.
The Sensex closed higher by around 250 points, while the Nifty closed higher by around 80 points. Stocks from the mid-cap and small-cap indices also ended on a firm note. Buying activity was witnessed in stocks across the sectors with stocks from the realty, metals and banking space leading the pack of gainers. However, stocks from the healthcare and auto space were less in favour.

Market breadth was positive due to upmove in broader indices; about 1392 shares advanced while 1093 shares declined. Nearly 485 shares remained unchanged.

Among the broader indices, BSE Midcap Index was up 1.64% or 46.93 points at 2,914.80 and Small Cap index gained 38.44 points or 1.18%, to close at 3,304.98


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