The week began on a buoyant note for the markets with both Indian benchmark indices closing in the green on Monday.
Better-than-expected employment data in the US and dismissal of petition against the Home Minister, Mr P. Chidambaram, in the 2G scam by the trial court came as a breather and contributed to the rally, according to market analysts.
However, concerns over the Euro zone crisis and especially Greece’s situation remained and contributed to selling pressure in the later part of the trading session.
The Nifty ended up 0.67 per cent or 35.80 points at 5,361.65 while the Sensex was up by 0.58 per cent or 102.35 points to close at 17,707.31.
While realty, metal and capital goods stocks rallied, health care, pharma, energy and FMCG stocks took a beating at the bourses.
Stocks of 2G scam tainted companies Unitech and DB Realty both jumped by over 13 and 11 per cent respectively, after having dipped considerably on the day of the case’s court verdict last week.
“Some value buying could have taken place in these stocks as two days back these stocks had fallen after the court verdict,” said Mr Alex Mathews, Head of Research at Geojit BNP Paribas Financial Services
“Cement stocks were also up on the back of improved results and higher dispatch,” he added.
Volatility was up with the India Vix closing up 2.20 per cent, at 24.62.
ACC, Ambuja Cement, Siemens, Cairn and Jindal Steel were the top five Nifty gainers while Tata Power, HUL, Sun Pharma, Dr Reddy and Reliance Infrastructure were the losers on the Nifty.