Bombay Stock Exchange’s Sensex ended at 15,912.13, up 507.19 points or 3.29 per cent. The broader index hit a high of 15929.09 and low of 15487.97 intraday. National Stock Exchange’s Nifty ended at 4710.80, up 146.90 points or 3.22 per cent. The index touched a high of 4717.80 and low of 4565 during trade. MUMBAI Indices ended their six-day losing streak by closing with huge gains on Wednesday. The rally was mostly on account of short-covering in sectors and stocks that were beaten down badly in the previous session. Positive sentiments across Europe also helped indices to gain momentum. Dealers were anticipating a pullback as the market looked in an oversold zone. However, this upmove is just seen as an opportunity to exit on rise before any deeper correction sets in. “It was a classic short covering day after a sharp fall. Anticipation of some positive comments from the US Fed meet and reports of RBI’s gold purchase deal bolstered trader sentiments after days of bear grip. However, we don’t expect the euphoric mood post Fed comments to last long and Nifty may eventually drift to 4350 The BSE Midcap Index was up 3.54 per cent and BSE Smallcap Index moved 2.18 per cent higher. Amongst the sectoral indices, BSE Realty Index surged 9.65 per cent, BSE Metal Index rallied 5.36 per cent and BSE IT Index moved 3.99 per cent higher. Jai Prakash Associates (9.42%), Hindalco Industries (9.16%), DLF (8.48%), Sterlite Industries (6.63%) and Reliance Industries (5.49%) were amongst the Sensex gainers. Sun Pharmaceuticals (-0.78%), Grasim Industries (-0.39%) and Tata Power (-0.19%) were amongst the losers. Market breadth was positive on the BSE with 1,774 advances and 946 declines. European markets were in the green on expectations the US Federal Reserve will keep interest rates low. US markets are also expected to open higher. At 5:20 pm IST, Dow Jones stock futures was up 0.64 per cent, S&P 500 gained 0.63 per cent and Nasdaq 100 moved 0.36 per cent higher.
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