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Sensex closes day gaining 109 points; Experts not convienced yet about U-turn

August 17th, 2011

The Indian stock markets had a range-bound session today but managed to close in the green. Earlier the Asian markets gave mixed indications while the US yesterday closed the day in the green. By afternoon, the European markets are open and are more or less in a positive uptick.

Nifty gained 20.8 points to close the day at 5056.60. Sensex closed the day at 16840.80 gaining 109.86 points in trade today. Auto and Banks seems to be in pressure while IT and Capital Goods are in green.

There is no block buster movers today and hence the gainers (as well as losers) are almost within range. HCL Tech, TCS, Hero Motocorp, HDFC, HDFC Bank, Sun Pharama and Infosys (all up 2%) are some of the large cap names that are in the green.

DLF lost 6.27% today and closed the day at 177. Axis Bank, Maruti, RCOM, Tata Motors, ICICI Bank, PNB, IDFC, M&M, Hindalco are some of top losers today.

Coal India (BSE: 533278; NSE: COALINDIA; ISIN: INE522F01014) officially overtakes Reliance Industries (BSE: 500325; NSE: RELIANCE; ISIN: INE002A01018) as top market cap company in India. RIL was number 2 in market cap charts for first time since February 2007. RIL stock was in bearish phase for pretty long time and has finally given up its number uno position to the newest large cap entrant Coal India.

Prabhudas Lilladher has given a BUY call on SBI. The target for the script is Rs. 2701. SBI last traded at Rs. 2174.85 today. Meanwhile, Government sources have reported to have told a media outlet that the Government feels there is no urgency for SBI rights issue. Further, the Government is most unlikely to subscribe to the issue considering its resource crunch this year.

Gold is trading at Rs. 26123 per 10 grams today. Silver is at 59145 per kilogram.

Entry Filed under: Equity Markets, Banks & NBFC, Closing Bell