Nifty Up On Short Covering On Last Day Of Settlement

On the last day of the current settlement yesterday, the 50-share NSE index gained 12.45 points to close at 1117.15 points. The Nifty opened at 1104.80, went to a high of 1125.85, dipped to a low of 1102.45 points, before closing at 1117.15.

The Midcap index closed at 1254.20, registering a minor gain of 2.75 points over the previo us close of 1251.45 points. Sources said the market was in an overbought position and short covering by the punters on the last day saw the index moving up. 'The oil price hike price saw key oil stocks firming up. This also sent a positive signal to the market about the political climate in the country. The uncertainty over the oil price hike is finally over and was greeted by the market,' said a NSE dealer.

 

Market sources informed that in the long run the deregulation of the oil sector will help the oil companies. The domestic institutions made heavy purchases while the foreign institutional investors made select side counters. The total traded turnovertouched Rs 1,874.22 crore with over 6.90 crore shares changing hands. The scrips which came under heavy selling include ACC, which closed at Rs 1214.10 against the previous close of Rs 1275.55, a loss of 4.82 per cent. The auto sector scrips also came under selling in the wake of oil price hike. The Ashok Leyland scrip closed at Rs 68.50 (Rs 73.60), and M&M at Rs 375.90 (Rs 402.35).

The major losers include Tata Chemicals which closed at Rs 151.65 (Rs 161.30), and CRL which closed at Rs 133.70 (Rs 141.05). The scrips which moved up were, IDBI which closed at Rs 106.15 (Rs 99.65), MTNL which closed at Rs 246.10 (Rs 236.95), IPCL which closed at Rs 117.40 (Rs 113.15), Essar which closed at Rs 23.20 (Rs 22.40) and SBI which closed at Rs 291.55 (Rs 282.45).