Nifty ends at 1-mth high; Tech, oil & gas, metals up

The benchmark Nifty rallied for fourth consecutive day on positive global cues and closed at one-month high. It touched the 5200 mark in an intraday trade and closed tad away from the same level. The index was ranged at 4900-5120 level in last one-month.

According to portfolio manager PN Vijay the current low volatility period presents as a good buying opportunity. “We have enough locomotion in us, if the news isn’t too bad from the west, to take us a bit more probably 5,300 or so and then we will pause.”

European markets were trading 0.65-1.55% higher and Dow Jones & Nasdaq futures were up 0.8% each, at the time of closing of Indian equities. Euro also jumped 0.64% to 1.22 per dollar and in commodities; crude oil price went up 2.2% to USD 75.4 a barrel on the NYMEX.

Asian markets also closed higher. Nikkei went up 1.8% and Taiwan up 1.2%. Hang Seng, Jakarta, Straits Times and Kospi gained 0.8-0.9%. The US markets ended 0.4-1% higher on Friday.

The 30-share BSE Sensex closed at 17,338.17, up 273.22 points or 1.6% and the 50-share NSE Nifty rose 78.35 points or 1.53% to settle at 5,197.70. The Nifty June futures ended at 7 points premium, as per provisional data.

Investment Guru Mark Mobius continues to remain bullish on Indian markets. He continues to hold positions in India and is adding to positions.

All sectoral indices were in positive terrain barring pharma. Technology was the star performer; respective index rose 3.7%. Oil & Gas, Metal, FMCG, Power, Banking and Capital Goods indices rallied 1-1.9%.

source: Moneycontrol

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