Nifty hits 5200; Sesa Goa, Hindalco, SAIL, Sun Pharma up | SupportBiz

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Nifty hits 5200; Sesa Goa, Hindalco, SAIL, Sun Pharma up

MUMBAI: The National Stock Exchange's Niftyextended winning streak, after a day's break,

MUMBAI: The National Stock Exchange's Niftyextended winning streak, after a day's break, and hit important resistance levels led by gains in metals, technology and oil&gas space. The benchmarks were catching up with other global equities which witnessed a rally after the US Federal Reserve pledged to keep interest rates low till late 2014. 

"It seems as if most central banks are in accommodative mood to support domestic growth amid rising global uncertainties. This could potentially keep commodities, including crude and gold, firm. How much of this liquidity makes its way into equities (especially that of EMs) remains to be seen. 

After the RBI's 50 bps CRR cut, the Federal Reserve has surprised the markets by pledging to keep interest rates "exceptionally low" till late 2014. Besides, the Fed has also hinted at QE3 in future to mitigate the impact on the US from the euro area debt debacle. Meanwhile, even Brazil has hinted at further rate cuts. 

For now though, it looks like we may kick off the last trading day of the week on a positive note. We missed the global rally set off by the latest Fed announcement. SGX Nifty Futures in Singapore were up on Thursday but are a tad down this morning. On the whole, the opening could be higher," said IIFL report. 

At 10:00 am; the Nifty was at 5185.85, up 27.55 points or 0.53 per cent. The broader index touched a high of 5217 and low of 5173.15 intraday. 

The Bombay Stock Exchange's Sensex was at 17177.17, up 99.99 points or 0.59 per cent. The 30-share index touched a high of 17258.97 and low of 17146.73 in trade so far. 

BSE Midcap Index was up 0.70 per cent and BSE Smallcap Index moved 0.95 per cent higher. 

Amongst the sectoral indices, BSE Metal Index was up 2.33 per cent, BSE IT Index gained 1.37 per cent and BSE Oil&gas Index gained 1.03 per cent. BSE Bankex moved 0.44 per cent lower and BSE FMCG Index dipped 0.07 per cent. 

Sesa Goa (5.95%), Hindalco Industries (3.91%), SAIL (3.81%), Sterlite Industries (3.74%) and Sun Pharma(2.64%) were the major Nifty gainers. 

Ranbaxy Laboratories (-4.06%), Dr Reddy's Laboratories (-1.90%), HDFC (-1.58%), IDFC (-1.51%) and Punjab National Bank (-1.50%) were the major losers. 

Market breadth was positive on the NSE with 1010 gainers against 352 losers. 

Meanwhile the Asian markets were witnessing a mixed session. Nikkei 225 was down 0.21 per cent and Hang Seng slipped 0.04 per cent. Seoul Composite gained 0.03 per cent and Strait Times edged 0.02 per cent higher.