After 2 days of strong sell of, the markets again saw profit booking buy traders who had created short positions on the index. Sensex rose buy 233.08 points and closed at the levels of 19,410.84. Similar strength was shown by Nifty which jumped 66.05 points and closed at 5836.95.
Markets seem to be playing hide and seek with the investors. It first gave a strong rally last week then corrected nearly 400 points in the since the beginning of the week and now again rallied over 1 percent today. Nifty in particular touched a low of 5786.05. The Pioneer conducted a poll from market analysts yesterday, where in the experts stressed that 5770 range is a key support level for Nifty and a rebound in markets can be seen from this level and the same happened today.
IT Index rose 2.81 percent along with FCG and Technology Index which rose 2.61 percent and 3.42 percent respectively. In terms of shares, today’s top gainers included Tata Power and ITC which rose nearly 3.75 percent followed by TCS up by 3.25 percent and Tata Motors which closed 2.8 percent up.
Market’s carried forward the positive moment from US markets which opened weak but after good data from labor Department closed in green. Unemployment rate in US fell to 7.5 percent, matching April’s 4 year low levels. Along with the cut in unemployment numbers, companies hired more people than the markets expected.