By Santosh | 28 May 2010
Global markets rallied after China said it had no intension to sell its European bonds.
Both the indices gained more than a per cent today. The Sensex closed up 196 points at 16,863 while the Nifty added 63 points and closed at 5,066.
The Nifty closed above the psychological 5,050 mark, comfortably above its 200 day moving average.
Among the sectoral indices, realty and metals - the two high beta sectors - led the gains. The broader markets outperformed the benchmark indices and the market breadth remained positive with 64 per cent shares advancing against 31 per cent declines on the BSE.
Among the Sensex stocks, Reliance Communications gained 5.93 per cent, Sterlite Industries closed up 5.75 per cent and Jindal Steel added 4.85 per cent. DLF and M&M gained more than 3 per cent each. Maruti, HDFC Bank, L&T and Reliance Infra ended lower.
Among the realty stocks, Parsvnath ended 11 per cent high; HDIL added 8.82 per cent and Omaxe gained 3.3 per cent.
Areva T&D rose 7.16 per cent on the back of an open offer to acquire 20 per cent of shares and Orchid Chemicals rose 4.71 per cent on the back of good results.
The European markets opened on a positive note after ending high yesterday. CAC 40 was up 0.15 per cent, DAX gained 0.40 per cent and FTSE was up 0.67 per cent.
Asian markets rose with the exception of China where the Shanghai Composite ended marginally lower. The Nikkei 225 in Japan rose 1.28 per cent to 9,762 in early trade. South Korea's Kospi gained 0.95 per cent to 1,622 and Australia's S&P/ASX 200 added 1.79 per cent to 4,457.
The Dow futures were marginally up at 0.20 per cent. Overnight, the Dow Jones rose 2.9 per cent to regain the psychological 10,000 mark after ending below it in the previous session. The European markets all closed in the green too raising investors' confidence.
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