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Global markets rally ahead of September expiry

September 27th, 2011

Markets globally made a bounce back ahead of the September expiry. Every part of the globe is witnessing positive closing in the stock exchanges today.

It all started yesterday when the US markets closed in the green. The Asian markets that opened this morning started to rally with stock specific buying interest coming in. Hang Seng Index closed up 4.1%. Nikkei 225 is up 2.82%. TSEC is up 3.09%.

Back home, both the BSE Sensex and NSE Nifty had a marathon session and closed at almost the highest points of the day. While the overall sentiment is positive, the rally is largely confined to the largecap names and both the midcap and smallcap indices, though having closed in the green, didn’t show much improvement. SENSEX managed to close above the 16.5k mark at 16524.03 gaining 472.93 points or 2.95%. The NIFTY is up 4971.25 adding 135.85 points or 2.81%. The CNX Midcap however is up a mere 97.95 points or 1.39% and closed at 7169.90. The BSE Smallcap too isn’t that cheerful with an addition of 93.86 points or 1.36% to close at 7017.27 at closing time.

As many as 1134 stocks advanced, 302 declined and 91 closed unchanged on the NSE showing that the overall market breath is okay.

Top gainers of the day include DLF (up over 8%), Tata Motors and Jaiprakash Asso (up 6%), Reliance (up 5%), SAIL, Hindalco, Tata Power, TCS, BHEL, Cairn India and Sterlite Ind (all up over 4% each). BPCL and Cipla closed marginally in the red.

Anil Ambani said that Reliance Capital (BSE: 500111; NSE: RELCAPITAL; ISIN: INE013A01015) is in advanced stages of talks with Nippon for stake sale in Reliance Capital AMC. Earlier this year, a 26% stake was sold to Nippon Life of Japan for over Rs. 3000 crore. The stock responded positive at this news. The shares of the company are, at one point of time, up by over 5%. The script touched an intraday high of Rs. 411.40 and closed at Rs. 394.50.

The run in PG Electroplast (BSE: 533581; NSE: PGEL; ISIN: INE457L01011) continued even today with the script touching the 20% upper circuit today. The script closed at Rs. 493.95 gaining Rs. 82.30 by closing time.

Entry Filed under: Equity Markets, Closing Bell, Financial Services