PM Narendra Modi at a meeting on rooftop solar scheme
By S Jha
New Delhi, January 24: At a time when the investors were dreading the prospects of the foreign institutional investors short selling Indian equities, the big boys took the stage to beat away the bear and welcome back the bulls on the street. Sensex on Wednesday soared by 68 points to reclaim the 71000 mark while Nifty lifted the index by whopping 215 points.
Investors who stick to the mantra of ‘buy the fear and sell the euphoria’ were vindicated once more by the market actions. The day began with an extreme volatility. Bears struck brutal blows to send the indices sinking into the abyss. But the bulls were brought back on the street by the big boys of the market to stage a fightback which in the end they won for the day. Bank Nifty, which is known for extreme volatility, saw a swing of over 600 points from the day’s low.
The index heavyweights HDFC Bank, State Bank of India, Infosys, HCL Technology, Larsen and Toubro, Tata Steel, Hindalco, NTPC, and others roared back on the street on Wednesday as they carried out an impressive day of the rescue act for the market. They not only steadied the market, but also brought an air of confidence back in the broader market to cheer the investors who once more went gung ho on the smallcap and midcaps with a preference for the PSU stocks.
HDFC Bank, which had tanked to Rs 1380 in the first few minutes of the day, staged the turnaround of the indices a day ahead of the monthly expiry of the option contracts. HDFC Bank in a quick span of time was back to the level of Rs 1550. The index heavyweight has been bled white by the intense FIIs dumping the scrip after the banking behemoth released the quarterly results.
Tata Steel and Hindalco led an around rally in the metal sector which saw the likes of aluminum, copper and steel firms flying on the bourses. The financial institutions from the PSU pedigrees remained the hot cakes on the street. IREDA was locked in the five per cent upper circuit. IFCI continued to fly, logging in another 20 per cent gains. Indian railways Finance too resumed the bullish march.
Rural Electrification Corporation and Power Finance Corporation led the firm momentum on the street. The likes of SJVNL and NHPC were also bullish amid the solar rooftop theme playing out on the street. Borosil Renewables too gained in the momentum.
(Disclaimer: This articles doesn’t recommend buy or sell of any share)
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