Mumbai: Short covering led the Indian markets to close with 1 per cent gain. Analysts suggest that this is the first leg of short covering rally and it may continue for some more days. Nifty had lost nearly 15 per cent in last one month.
Big boys like Reliance Industries, ITC, ICICI Bank, Larsen and HDFC lend a hand to the Nifty to surge above 4900 mark.
Infosys, HDFC Bank, TCS, HUL and M&M were negative contributors to the Nifty.
The Sensex shut shop at 16341.70 up 200.03 points or 1.24 per cent and the Nifty closed at 4898.80 up 53.15 points or 1.10 per cent. About 1844 shares advanced, 1016 shares declined, and 812 shares remain unchanged.
Top gainers on the Nifty: Reliance Communications, Reliance Infra, SAIL, IDFC and Jaiprakash Associates were up 5.5-6.5 per cent.
Top losers on the Nifty: GAIL, DLF, Axis Bank, HDFC Bank and Infosys were down 1.3-3.3 per cent.
Oil&gas, metal, power, capital goods and FMCG stocks were on buyer’s radar on Monday. Barring IT and banks all sectoral indices ended in green territory.
Top gainers on the BSE Midcap: Orchid Chemical, Shree Renuka, SpiceJet, Dewan Housing and Aban Offshore were up 5-16 per cent.
Top losers on the BSE Midcap: Ramky Infra, Nava Bharat Ventures, Aurobindo Pharma, 3M India and KGN Industries were down 5-16 per cent.
Top gainers on the BSE Smallcap: INOX Leisure, OM Metals Infra, Bhansali Engineering, Bannariamman and Unisys Soft were up 12-20 per cent.
Top losers on the BSE Smallcap: Falcon Tyres, AGC Networks, ARSS Infra, Chromatic India and Warren Tea were down 5-10 per cent.
Turnover: The total turnover for the day stood at Rs 174846.46 crore. Turnover breakup: NSE Cash-Rs 9606.02 Cr, NSE F&O- Rs 163235.64 Cr, BSE Cash- Rs 2004.8 Cr.
Global Cues: World stocks held above a recent 11-month low on Monday while oil prices slipped as investors concerned about a global economic downturn stayed away from buying risky assets.
Yellow Metal: Gold hit a third consecutive all-time high near $1,900 an ounce, after staging its biggest weekly gain in 2-1/2 years last week.
Crude: US brent oil fell more than 2 per cent. On top of a weak economic outlook, the potential for a restart of Libyan oil flow into the market if the Gaddafi regime collapses also weighed on prices.
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