Markets end higher on short covering and value buying

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Markets end higher on short covering and value buying
Markets which began the day lower recovered sharply and ended the day higher as fresh buying support emerged at lower levels. The BSE Sensex closed the day higher by 23 points at 15988 points, while the Nifty closed the day nigher by 6.55 points. 

Europe continued to be a mixed bag, with the German DAX and UK's FTSE trading lower, while the French CAC was trading marginally higher.

Shares in Asia closed sharply lower with the Japanese Nikkei closing 1.71% lower, while Singapore's Strait Times closed 1.70% lower and the Korean KOSPI closed 2.80% lower.

Among the shares that lost ground today were Cairn India, Jindal Steel, GAIL and Tata Power. Among the shares that gained were Jaiprakash Associates, ONGC, Larsen and BPCL.

Markets are expected to continue exhibiting volatility with a host of problems facing the economy. Analysts are advising a “wait and watch” approach at least until the election outcome in Greece is clear. All eyes are also focused on what the RBI would do given the slowing growth rates in the economy. A cut in repo rates is likely to infuse fresh life into falling markets.

Read more about: sensex, nifty
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