Nifty crosses crucial 4,700 level

Strong European cues on optimism that global economy will recover sooner than later lifted the key domestic indices from its day's low to a three-week high of 15,922.34 points.

The 50-share index Nifty on the National Stock Exchange closed above the psychologically important level of 4,700 which analysts said indicates increased investor confidence in Indian economy. Nifty stocks Unitech and DLF, two major realty majors, gained more than 5 per cent each.

Marketmen said the revival of the monsoon in August also boosted investor sentiment and helped the bellwether Sensex settle in positive territory for the seventh consecutive day.

The BSE Sensex closed with a rise of 141.27 points or 0.90 per cent at 15,922.34 points over its last close.

The 30-share key indices has gained 1,112.70 points or 7.51 per cent in a seven-day long winning steak. Analysts said seven days of consecutive gains is a pointer to growing confidence in Indian economy, as is indicated in a decent 7 per cent industrial production for July.

France, Germany and UK indices were trading firm by over 1 per cent in their afternoon trade Friday. US stock index futures also indicated firm trend at opening bell. Chinese stocks, however, declined on fears of slower economic growth.

Realty, auto and capital goods counters attracted buying. Some of consumer durable shares ended lower on profit-taking. Among Sensex gainers DLF was on top at 5.30 per cent, followed by Jaiprakash Asso at 5.18 per cent. Airtel continued to be favourite among investors and closed up 4.39 per cent. However, Tata Power declined 1.36 per cent and ITC by 1.27 per cent.

From the sectorial indices, the BSE-Realty spurted by 156.75 points or 3.79 per cent, the BSE-auto by 71.48 points or 1.24 per cent, the BSE-CG by 151.47 points or 1.15 per cent and the Bankex by 93.09 points or 1.12 per cent.

The market breadth remained positive with 1,534 counters gaining ground against 1,249 ending with losses on the BSE.

The trading volume continued to remain strong at Rs 6,581.27 crore. Unitech was the top traded share with the highest turnover of Rs 305.46 crore.