Nifty tests 5200 as buying escalates, metal shines

MUMBAI (Makemystocks): Indian stock markets recovers yesterday losses, mainly led by Metal and banking stocks. Nifty recovered all most 12.5% this month and tested the level of 5200.

The S&P CNX Nifty today gave gap up open at 5125 and traded choppy for most of the day but buying force in the last hour of trade lifted Nifty to the high of 5215. Nifty settled at 5199 up by 112 points.

Today’s rise came after reports, that most EU leaders have agreed to strengthen a financial firewall against the debt crisis.

The European markets are trading strong. The FTSE index is up by 38 points, DAX index is up by 58 points and CAC index is up by 37 points.

The market breadth, indicating the health of the market was positive. On NSE, 1029 shares advanced while 416 shares declined. Total of 62 shares remained unchanged.

Out of 50-share S&P CNX Nifty pack, 43 scrips advanced while 7 scrips declined. Hindalco was up by 8.07%, Rcom was up by 7.31% and Sesa Goa was up by 7.12% were the top gainers from the Nifty pack.

Coal India was down by 2.31%, Siemens was down by 1.86% and PNB was down by 1.19% were the top losers from the Nifty pack.

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