Stock Market Updates for The Day (22nd July '11)
After staying away on the sidelines for a couple of days, the bulls returned to the ring today thanks to a firm trend in global markets on the back of renewed optimism about a solution to the financial crisis in Greece on the back of European leaders agreeing on a new bailout package.
Some strong quarterly numbers from India Inc and the decline in food inflation as revealed by the data released by the government on Thursday, aided sentiment to a notable extent.
Even as they awaited some positive developments from the U.S. where a rise in debt ceiling is expected, investors indulged in some hectic buying in blue chips almost right through the session on Friday.
Bank, information technology, automobile and capital goods stocks surged higher on sustained buying support. Oil, healthcare, metal and telecom stocks moved up as well. There were notable gains for select power and FMCG stocks too. Realty and consumer durables stocks, which saw some weak spells during the session, ended off their lows thanks to some spirited buying in the final minutes.
The Sensex, which opened with a positive gap of around 130 points at 18,565, rose to 18,747.06 and eventually ended the day at 18,722.30 with a strong gain of 286.11 points or 1.55%. The Nifty index of the National Stock Exchange closed at 5633.95, recording a gain of 92.35 points or 1.67%.
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