Markets close with marginal gains as financials rally

Commentary

oi-Sunil

By Sunil Fernandes

Published: Friday, March 2, 2012, 15:42 [IST]

Markets closed the day with marginal gains as financials helped the indices close higher.

The BSE Sensex closed the day 52 points at 17636 points, while the NSE Nifty gained 19.60 points at 5359 points.

Mphsasis was down more than 9% reacting to its numbers., which disappointed the street. DLF continued to drop for the second day in a row amidst reports of suspected accounting malpractices at the company. Among the top gainers today were Sun Pharma, IDFC and Jindal Steel.

Crude continued its uptick with Brent Crude trading at almost $125 per barrel. Marketmen fear that rising crude would result in hike in petrol prices, which would once again spur inflation. .

All eyes would now be focused on the election results in Uttar Pradesh due next week. Any setback for the Congress may lead to a temporary sell-off in stocks.

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