According to P-Sec Market Review report, key indices ended with healthy gains taking cues from the rise in US and Asian markets.
-Sec Market Review re:
The tradition of mimicking global markets continues. Thankfully, this time its the bull's turn as they were in complete control on Dalal Street. Key indices ended with healthy gains taking cues from the rise in US and Asian markets. Global markets recovered smartly after U.S. Federal Reserve unexpectedly lowered the rate at which it loans money to banks. This was done to ease the effects of a rout in global credit markets. However the turnover was low today. Short covering also propelled the domestic market. However, volatility was witnessed since mid-afternoon trade.
Fertilizer stocks continued to be in the limelight after Prime Minister said that the existing subsidy system may have to be reviewed in the future. Banking and Capital Good stocks also continued to trade firm. IT stocks were laggards on concerns that the sector, which gets more than half of its revenue from United States, may face tougher market conditions if the US credit woes squeeze IT spending.
