Sensex spurts on late bull charge

Just when we though that it was time for the bears to take charge, bulls were back all of a sudden. Looks like the Indian market are on another planet these days, and today was another classic illustration of that unusual trend that has caught most participants off guard.



After trading modestly higher in a narrow range for most part of the day, the main stock indices suddenly started soaring in late afternoon trade. The BSE Sensex rose by over 200 points and the NSE Nifty looked like it could touch a new intermediate high.

"The rally was led by IT shares, which have taken a beating lately amid concerns about growing protectionism in the US and worries about the state of the American economy", says Amar Ambani, Vice President, Research, IIFL.

The BSE Sensex advanced 208 points to end at 18,257; the index hit an intra-day high of 18,286 and an intra-day low of 18,068. While, NSE Nifty rose 72 points to close at 5,486.