Comments
Reacting positively to easing inflation, the stock markets with the Indian benchmark indices, Nifty and the Sensex rose by under one percent on Monday.
The Nifty was up 0.16 per cent to close at 4,873.90, up 7.90 points. The Sensex was up 0.22 per cent or 34.74 points, and closed at 16,189.36.
Headline inflation fell to 7.47 per cent in December 2011 on cheaper food items compared to 9.11 per cent in November 2011. This is being seen as a factor that may prompt the RBI to cut policy rates in the upcoming review.
“Markets had a gap down opening but after the inflation data for December was released post 12 noon, the markets started trading with an upward bias. IT stocks rallied on Monday on the back of the weak rupee.” said Ms Shanu Goel, senior research analyst, Bonanza Portfolio.
“However, owing to weak global cues, markets were cautious and remained range bound amidst choppy trading. Global events such as the euro zone crisis would continue to affect market headwinds” she added.
Volatility was up, with the India Vix closing up 2.51 per cent, at 24.07.
Maruti, BHEL, SBI, L&T and IDFC were the top five Nifty gainers while Reliance Power, NTPC, Kotak Bank, Reliance Industries, and HDFC were the losers on the Nifty.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.