JOIN USWhat’s more? European stock monitors showed green in early trades, which of course has had positive effect on domestic bourses.
After shedding 467 points on Wednesday — and as much as 1500 points since the beginning of the present corrective phase — the bellwether index of BSE gained 111 points, while the Nifty added 27 points at 4947, yet below the psychological 5000-mark. While some robustness was on display throughout the day, still it was by no means a smooth ride as markets pulled back sharply from intra-day highs on at least two occasions this day before the bulls were able to muzzle their way.
The popular Sensex at BSE shot up 111.19 points or 0.68 per cent to close at 16,519.68 points. The index rose 209.31 points at the day’s high of 16,617.80 in afternoon trade and 10.61 points at the day’s low of 16,419.10 in early trade. The broader based S&P CNX Nifty at NSE rose 27.95 points or 0.57 per cent to settle at 4,947.60 in the day’s closing. Nifty hit an intra-day high of 4,980.25 points. The BSE Mid-cap index dropped 0.05 points and the BSE Small-cap index fell 0.55 per cent.
Telecom stocks
Stocks of telecom players like got a sizeable chunk of the spectrum, along with state-run Mahanagar Telephone Nigam Ltd (MTNL) ended in the green.
The scrip of Bharti Airtel, closed at Rs 260.15, up 0.23 per cent, while Reliance Communications, closed 0.73 per cent lower at Rs 135.80. Idea’s scrip was up 0.95 per cent at Rs 53.25. The scrip of MTNL — shut shop 0.53 per cent higher at Rs 56.45. Reliance Communications also opened strong and was up 5.7 per cent at Rs 144.70, which was intra-day high. At close, however, profit booking brought the scrip down by 0.73 per cent to Rs 135.80. Analysts said optimism around telecom stocks is not expected to last long.