Global cues lead to smart rally in stocks

Commentary

oi-Sunil

By Sunil Fernandes

Published: Friday, March 9, 2012, 16:28 [IST]

With the Greece bond deal paving the way for a debt deal, stocks rallied across the board, with metals and bank stocks leading the pack. Globally, stocks had rallied on Thursday, however, Indian bourses being closed for Holi caught up on Friday with the Sensex closing the day 357 points up at 17,503 points. Stocks on the NSE too rallied with the NSE Nifty gaining 113.10 points to close at 5,333.

Among the major movers today were Tata Steel, Jindal Steel, ICICI Bank and Larsen and Toubro. Among the major losers were Wipro, Infosys Technologies, Reliance Power and ITC.

MTNL rallied more than 8% on reports that LIC wants to exit the company via private placement. The shares of the telecom company has suffered badly due to poor results and stiff competition from private operators.

Markets are expected to take cues next week from key policy decisions including the Railway Budget, Union Budget and the Credit Policy.

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