Markets end higher; look to ECB for momentum

Updated: Thursday, September 6, 2012, 15:49 [IST]

Markets ended the day higher, led by strong gains in Europe, which eagerly await the outcome of a European Central Bank meet, which is likely to decide the movement of global markets in the next few days.

The Sensex ended the day higher by 32 points, while the Nifty closed the day higher by 12 points at 5238 points. Among the stocks that gained in trade today was Infosys, which rallied more than 3% on hopes that the company would soon announce a buyout.

Banking sector stocks which had declined on Wednesday rallied smartly, with Axis Bank, ICICI Bank and State Bank of India all gaining ground.

Metal stocks too recorded smart gains with Jindal Steel, Tata Steel, Hindalco and SAIL amongst the gainers. However, Reliance Industries had a subdued day with the stock ending flat and staying subdued for most of the day.

Shares of ITC declined following reports that the anti-tobacco marketing laws would be implemented in India. Other stocks amongst the index that ended in the red included Hero MotorCorp and IDFC.

Neyveli Lignite shot up after reports that the cabinet committee on economic affairs will take up divestment of the company.

Markets are expected to be volatile on Friday, after a late evening press conference by Mario Draghi, President of the European Central Bank would unveil measures to solve the problems in Europe. Any announcement of unlimited bond buying programme of debt ridden countries in Europe could spark a fresh rally in stocks across the globe.

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