Markets end higher on expiry day; eye GDP data

Commentary

oi-Sunil

By Sunil Fernandes

Updated: Thursday, August 30, 2012, 15:40 [IST]

Markets ended the day higher on expiry day, after trading in the red for most part of the day, as short covering led to a sharp recovery towards the end of the day. The Sensex ended the day higher by 50 points at 17541 points, while the Nifty ended the day higher by 27 points. The recovery was led by a sharp rally in TCS and L&T.

Metals stocks which were hammered in morning trade failed to recover lost ground with Tata Steel slumping another 1.76% and Jindal Steel losing another 2%. However, among the metal stocks Hindalco had a good day and jumped more than 2%.

Stocks that lost ground in trade among the S&P CNX Nifty were Maruti Suzuki and GAIL, which dropped more than 2%.

Orchid Chemicals, which was trading up for most of the day after news that the company sold its Penicillin and Penem active pharma ingredient (API), including its plant in Aurangabad, to US-based Hospira, shed gains to close flat.

HeroMotor Corp continued to lose ground in trade today, with the stock ending down 1.5%. Domestically, markets would now eye the GDP data scheduled for Friday.

Meanwhile, markets in Europe were also down and subdued. In fact, markets across the globe are eagerly awaiting a speech from Federal Reserve Chairman Ben Bernanke for possible hopes of Monetary Easing. Any hints of easing in Bernanke's speech might spark a fresh rally across bourses.

GoodReturns.in