Protean eGov Technologies Limited gets listed on BSE.
By S Jha
New Delhi, November 15: Bulls took full charge of the Dalal Street as the inflation fear ebbed to send the global equity markets soaring. The US indices continue to edge higher amid deepening of the bullish sentiments as the inflation nightmare and dreaded US Federal Reserve take backseat in the minds of the investors.
The Indian indices may also extend gains, tracking the rise in their US counterparts on Thursday. While Nifty weekly option expiry is slated for tomorrow, the index may stay in sideways mode after the opening as per the trends while there may also be the likelihood of trending move if short covering kicks in depending on the strength of the position players.
The weekly option expiry of the Bank Nifty pulled the index back even while Nifty closed with gains of over 230 points to send clear signal that the market is in a firm bullish phase. Nifty was also helped by the heavyweights giving fresh legs to the market. Gains in Reliance Industries, which spurted after a gap of several days, gave momentum to Nifty.
Tracking the gains in NASDAQ, the IT counter was buzzing along with metals on Wednesday. Hindalco went off to a rocking start to spurt by over five per cent in the early hours to rally the metal peers also for gains. Tech Mahindra, a badly beaten IT counter, was firm with strong gains, followed by Wipro and Infosys. The likes of Mphasis, LT Mindtree were also in huge demand. Persistent Systems has been in own world for months, rising day after day. The IT index has shown strength at the closing of the counter, with market participants betting that they may further extend gains in the coming days.
With the inflation fear ebbing and bond yields cooling, the foreign institutional investors were back in action, as they contributed a net buy of over Rs 500 crores in the market, while matched by the domestic counterparts. The fund actions are bullish in the markets, which also bring the hope for the market participants that Nifty may attempt the level of 19811 from where it had in the short term had slid on way to the level seen recently.
Avantel was buzzing in the day with gains as the counter closed the day above Rs 340. The company has fixed November 24 as the record date fir the issuance of the bonus share. Cochin Shipyard was also buzzing. Tata Motors too gained strongly, while the showstopper of the day was Eicher Motors.
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