The Hindu Business Line : Nifty breaches 4,000-mark intra-day

Strong FII inflows and significant rollovers of future contracts spurred the NSE Nifty to breach the 4,000-mark intra-day at 4,001.30 before winding down to close at 3,997.60, up 1.09 per cent from Thursday's close.

The BSE Sensex ended the day — 148.47 points or 1.08 per cent up — at a record high of 13,844.78.

"The Nifty closing a tad below the 4,000-mark is a good sign. If the market behaves in the same way, we will see the Nifty crossing the 4,050-mark in about three trading sessions,'' said Mr Gaurang Shah of Geojit Financial Services.

"If the market does not go down below the 3,910-mark in three trading sessions, we can rest assured that our long-term goals are intact. There should be some minor corrections but that will not tank the market,'' added Mr Shah.

Positive note

All the BSE indices ended the day on a positive note. BSE Auto closed 150.92 points or 2.84 per cent up at 5,472.77 on Friday. The Bankex rose 1.53 per cent to end the day at 7,289.88. BSE CG index closed the day up 1.84 per cent at 9,107.96 and the Smallcap index ended 1.08 per cent higher at 6,718.74.

"The surge in indices indicates that equities continue to attract domestic and foreign funds. Strong economic growth, rising domestic incomes, higher allocation of savings in financial and equity assets are the factors drawing in funds,'' said Mr Kapil Krishnan, CFO, India Infoline Ltd.

Shares of auto majors led the `Top Gainers' list on Friday. Tata Motors (up Rs 33.50 or 4.14 per cent to close at Rs 842.90), Bajaj Auto (up Rs 103.45 or 3.91 per cent to end at Rs 2,748.20) and Hero Honda (up Rs 29.05 or 3.91 per cent to close at Rs 771.70) were among the top gainers.

Hindalco Industries (down Rs 1.65 or 0.95 per cent to close at Rs 171.70) and Gujarat Ambuja Cements (down 0.59 per cent to end at Rs 143.30) were among the top losers.

Of the 2,650 stocks traded on the BSE, 1,516 stocks advanced, 1,063 stocks declined and 71 stocks ended unchanged. FIIs were net buyers for Rs 258.10 crore on Friday.

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