"The NSE Nifty broke out of the trading range in the afternoon trades after headlines flashed saying that The European Central Bank reportedly planned to lend US$161bn to banks for three months and that 171 institutions subscribed to the three-month refinancing operation", says Amar Ambani Vice President Research IIFL.
The rally was led by the index heavyweights like ITC, ICICI Bank, HDFC and Reliance Industries, the big four lifted the BSE Sensex by over 100 points, while the NSE Nifty ended above the 5300 levels. On the other hand, Bharti Airtel, Wipro and TCS were the major laggards.
The media and broadcasting stocks were in the limelight after the Telecom Regulatory Authority of India released the recommendations on Foreign investment in Broadcasting sector. The Ministry of Information and Broadcasting has requested TRAI to review its recommendations dated 26th April, 2008 on Foreign investment in Broadcasting sector in the light of recent changes in FDI policy.
The BSE 30-share Sensex advanced 167 points to close at 17,701 and Nifty added 60 points to end at 5,316.
Asian markets ended in the red, Japan's Nikkei Average slipped 2%, while the Hang Seng lost 0.5%. China’s Shanghai Composite Index lost 4.2% while Australia’s S&P/ASX 200 Index slipped 1%.
European stocks rebounded, FTSE index in UK was up 1%, CAC index in France was up 1% and DAX index in Germany gained 1%.
All the BSE sectoral indices ended in the green, BSE FMCG index was the top gainer, the index gained 2% followed by BSE Oil & Gas index, which was up 1.5% and BSE Realty index was up 1.1%. Even, BSE Mid-Cap index and the BSE Small-Cap index ended higher by 0.5% each.
Outside the frontline indices, the big gainers in the broader market were IFCI, Thermax, Indian Bank and Sun TV. On the other hand, loses included Sterling Bio, REI Agro, United Phos, M&M Fin and Asian Paints.
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