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Sep 26, 2012, 09.29 AM IST
Udayan Mukherjee, managing editor, CNBC-TV18, says that the market had a good close today. Nifty at almost 5700 mark, so has taken out the old 52-week high and closed with a flourish.
Udayan Mukherjee, managing editor, CNBC-TV18, says that the market closed good today. Nifty at almost 5700 mark, so has taken out the old 52-week high and closed with a flourish.
Today volumes were very good with excellent rupee-dollar move, fueled by changes in the withholding tax and the prospect of more flows coming in, in the near-term. There was a very strong participation from infrastructure stocks, all the infra stocks in the index did very well. The Bank Nifty was up 4 percent with some spectacular rallies in names like Axis Bank , Punjab National Bank , BoB and State Bank of India . Even metal stocks looked smart today. Bharti and IDFC did well. Cyclical and high beta stocks performed better. We saw come correction and a pause in names from the defensives like FMCG, pharmaceuticals and even frontline IT stocks. Infrastructure stocks did very well in the mid-cap space as well. The names like Reliance Capital , Pantaloon , Sintex and Voltas also did extremely well today. The breadth was good and India was one of the best-performing markets in the world, so a terrific close to the week. It has been a good week, but today was really a breakthrough into a new 52-week high, but there could be more if the government continues to deliver as it has been for the last 10 days.
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