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Business

N-deal boosts markets
Sep 8, 2008 17:00
By Our Special CorrespondentMumbaiSept. 8: The market which was fuelled by the news that the US had taken over two giant mortgage firms and the fact that India got clearance from the Nuclear Supplier’s Group for its civil nuclear programme ran out of steam by the afternoon as punters booked profits.Global cues were strong and the Hong Kong market made the biggest gains with the Hang Seng up 861 points.The domestic markets saw an indication of &ampquot;slightly low confidence and if you saw the graph it was evident that the index could not cross a certain level,&ampquot; said Mr Alok Agarwal, head research, K.R. Choksey Securities and Shares Ltd. He said the market opened buoyant but there was hardly any thing for the day traders. News was positive but it was difficult to short as the market was already high, he said.The news on the nuclear front provided the right sentiment for capital goods and power stocks like L&ampamp;T which soared by Rs 121.20. BHEL was up Rs 58.80, ABB Rs 20.95 and NTPC Rs 7.95.The Sensex closed up 461.14 points at 14944.97, after seeing a high of 15,107. The Nifty which moved between 4358.30 and 4558.00 closed up 130 points at 4482.30. The turnover was disappointing at Rs 62,151 crore with the F&ampamp;O sector accounting for 45,977 crore.The market breadth saw 812 stocks end positive and 441 in the red. Oil stocks were down even as crude prices still remain below $110 per barrel on fears that the hurricane Ike could hit the Gulf of Mexico and the oil structures. 



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