Nifty surges above 4750; Kotak, Tata Steel, DLD gain
MUMBAI: The National Stock Exchange's Nifty extended intraday gains and was near day's highs as investors turned bullish following encouraging Purchase Managers Index data. The Purchasing Managers' Index in India rose to 54.2, the most in six months, from 51 in November. In China, the index was at 50.3 from 49 in November.
According to dealers, if the benchmarks close above intermediate resistance levels then some more upside can be expected in next few sessions.
At 02:45 pm; the Nifty was at 4753.45, up 116.70 points or 2.52 per cent. The broader index touched a high of 4753.75 and low of 4675.80 in trade so far.
The Bombay Stock Exchange's Sensex was at 15882.81, up 364.89 points or 2.35 per cent. The 30-share index touched intraday low of 15640.56 and high of 15906.60. BSE Midcap Index was up 2.28 per cent and BSE Smallcap Index moved 2.12 per cent higher. Amongst the sectoral indices, BSE Metal Index rallied 4.59 per cent, BSE Realty Index gained 3.79 per cent, BSE Bankex moved 3.75 per cent higher and BSE Capital Goods advanced 3.71 per cent. Kotak Bank (6.79%), Tata Steel (5.76%), DLF (5.55%),Tata Motors (5.27%) and IDFC (5.11%) were the major Nifty gainers. Bajaj Auto has unveiled its low cost cast RE60 today. The stock was up 0.51 per cent on the NSE. BPCL (-2.31%), Mahindra & Mahindra (-1.65%), Ambuja Cement (-1.06%) and Hero Moto Corp (-1.03%) were the major index losers. Market breadth was positive on the NSE with 1814 gainers against 673 losers.
According to dealers, if the benchmarks close above intermediate resistance levels then some more upside can be expected in next few sessions.
At 02:45 pm; the Nifty was at 4753.45, up 116.70 points or 2.52 per cent. The broader index touched a high of 4753.75 and low of 4675.80 in trade so far.
The Bombay Stock Exchange's Sensex was at 15882.81, up 364.89 points or 2.35 per cent. The 30-share index touched intraday low of 15640.56 and high of 15906.60. BSE Midcap Index was up 2.28 per cent and BSE Smallcap Index moved 2.12 per cent higher. Amongst the sectoral indices, BSE Metal Index rallied 4.59 per cent, BSE Realty Index gained 3.79 per cent, BSE Bankex moved 3.75 per cent higher and BSE Capital Goods advanced 3.71 per cent. Kotak Bank (6.79%), Tata Steel (5.76%), DLF (5.55%),Tata Motors (5.27%) and IDFC (5.11%) were the major Nifty gainers. Bajaj Auto has unveiled its low cost cast RE60 today. The stock was up 0.51 per cent on the NSE. BPCL (-2.31%), Mahindra & Mahindra (-1.65%), Ambuja Cement (-1.06%) and Hero Moto Corp (-1.03%) were the major index losers. Market breadth was positive on the NSE with 1814 gainers against 673 losers.
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ET Now: The EU debt crisis, rating downgrades and higher volatility dominated the year 2011. What to your mind will dominate the year 2012?
Jim Rogers: What will dominate 2012? Well, we have several elections. There are 40 elections in 2012 -- America, France, Korea, Taiwan - lots of places, countries in Africa. So you are going to see a lot of government spending as governments try to buy elections. So a lot of people are going to have a very good 2012 because government is going to pour money into their pockets and their friends and they are going to have a good time. The overall situation, however, in the world is getting worst. This means higher debt. So when 2013 comes, we better be careful.
Jim Rogers: What will dominate 2012? Well, we have several elections. There are 40 elections in 2012 -- America, France, Korea, Taiwan - lots of places, countries in Africa. So you are going to see a lot of government spending as governments try to buy elections. So a lot of people are going to have a very good 2012 because government is going to pour money into their pockets and their friends and they are going to have a good time. The overall situation, however, in the world is getting worst. This means higher debt. So when 2013 comes, we better be careful.
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