Sensex ends 419 points up on blockbuster Friday

Courtesy : Money Control

Today was a blockbuster day for Dalal Street. The indices surge ahead with banks and metals leading the charge. In the first day of the June series, stock futures added six crore shares in open interest. The Nifty closed the day 134 points higher at 4,375, while the Sensex shut shop at 14,764, up 419 points.

Also see: Mkts close strong; banks, cap goods, IT, realty up 3-4%

Here is a verbatim transcript of Udayan Mukherjee’s comments on CNBC-TV18. Also see the accompanying video.

The July series starts off with a bang. The Nifty jumped 130 points to close at 4,375.

Tata Steel goes a little soft on weak reported earnings but L&T, ICICI Bank and Sterlite shone inside the index. The loser of the day is Sun Pharma. It tangs on reports of US FDA seizing drugs from Caraco’s plant in the US.

On today’s rally:

It was a terrific start to the series. It appeared for the last few days that the Nifty was trying to claw back with 4,150 as a support. Yesterday, that progress got stalled because of the futures and options expiry, but today since that baggage had been lifted, market moved very smoothly in the second half of the series. The breadth was good, volumes are okay. There was good leadership from stocks like L&T, ICICI Bank, and some of the metal names. Sun Pharma was only the accident, but otherwise you can sense that the market is trying to put in a pre-Budget rally. The week has closed well after a faltering kind of start and who knows maybe with some good news from the global front it might well extent into the Budget next week.

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