Markets end higher; high beta names spurt

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Markets end higher; high beta names spurt
Markets ended the day sharply higher on the back of a rally in high beta names including DLF, Jaiprakash Associates and Reliance Infra.

The Sensex ended the day higher by 173 points, while the Nifty closed higher by 56 points. Firm opening of European markets saw frantic buying in afternoon trades.

DLF which had been hammered in the last few days on its link to Robert Vadra jumped more than 4%, while Jaiprakash Associates was up more than 3.87% and Reliance Infra gained 2.49%.

Among the losers in trade today were Defensive stocks from the pharma sector including Cipla, Lupin and Sun Pharma.

Shares of Unitech spurted today after the company said that it had agreed to dispose its entire stake in Uninor for a nominal amount and both companies have amicably settled all legal disputes between them. Unitech ended the day with gains of 17%.

Shares of UB group companies ended the day in the red after reports that the Securities and Exchange Board of India would investigate the sharp spurt in group companies in the last few trading sessions.

Shares of the Suzlon Energy Ltd slipped 2% after bondholders rejected 4-month extension on USD 220.8 million October FCCBs, as per Reuters report.

Meanwhile, shares in Europe were trading higher despite the worries over the debt crisis in Spain. Markets are expected to remain volatile ahead of the earnings season. Infosys is set to declare its results on Friday and this could set the tone of the markets for the next few days.

GoodReturns.in

Read more about: sensex, nifty
Story first published: Thursday, October 11, 2012, 14:59 [IST]
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