Sharp recovery…Nifty ends above 5900

Sensex ended at 19,697 surging 434 points. While, NSE Nifty shot up by 126 points to close at 5,911.

Just when we thought that the Indian stock market seem to have lost its winning ways, bulls were back with a bang on Wednesday. After being under pressure for four straight trading sessions the Indian markets ended with healthy gains on amid a swift recovery seen in the Asian markets. Sentiments further got a boost after the European markets also started off with smart gains.



Another sentiment booster was the receding crude oil price. Oil prices for May delivery fell on Tuesday by 3.3% to US$106.25 per barrel in New York, the lowest settlement since March 30. It has weakened further to US$105.62 a barrel.

“Market players seem to have forgotten the slow down in the industrial growth which slowed to 3.6% in February compared with 15.1% expansion in same month last year. Despite a truncated week, market volumes were quite impressive as compared to past two trading days. Technically, the NSE Nifty bounced back sharply finding strong support at its 200 DMA ahead of the results season, all eyes would be on Infosys quarterly numbers which will be announced on Friday,” says Amar Ambani, Head of Research (India Private Clients) - IIFL.

The BSE Sensex ended at 19,697 surging 434 points. It had earlier touched a day's high of 19,737 and a day's low of 19,101. It opened at 19,187. While, the NSE Nifty shot up by 126 points to close at 5,911.

Among the BSE sectoral indices, the BSE Capital Goods index was the top gainer, the index gained 2.7% followed by BSE Auto index adding 2.5%, while, BSE Banking index gained 2.3%. BSE Mid-Cap index and BSE Small-Cap index gained 1.4% and 1.3% respectively.

The European markets were trading with in the green, the FTSE index was up 0.9%, CAC index was up 0.7% and DAX index was up 1%.

Outside the index, the major gainers were Concor, Colgate, Siemens and Godrej Ind. Among the major losers were Core Projects, Marico, Engineers India and Rajesh Exports.