Mumbai: A final hour across-the-board buying rallied the benchmark index by 97 points to close above the 7,600 mark at the National Stock Exchange (NSE) here on July 16. The pull-back rally extended for the second-day amid value-buying as well-as tinge of short-covering got further boosted after the Reserve Bank of India (RBI) exempted the mandatory reserve requirements on funds raised through long- term bonds for extending credit to housing and infrastructure sectors, on July 15.
As a result, interest rate related realty stocks zoomed by 4.33 per cent, banking stocks climbed by 2.51 per cent and infra stocks went up by 1.64 per cent. Heavy buying interest was also seen in auto, energy, FMCG, pharma and metal counters, along with shares of small-cap and mid-cap companies. The broadbased 50-issue CNX Nifty opened at 7,564.15 traded between a high of 7,640.10 and low of 7,532.45 before closing at 7,624.40, a sharp rally of 97.75 points, or 1.30 per cent, from its previous close.
Asian stocks closed mixed amid slide in oil prices to the lowest in over three months yesterday. Infra major IDFC surged by 8.83 percent, DLF by 5.80 per cent, ICICI Bank by 4.75 per cent, Hindalco by 4.35 per cent and Axis Bank by 3.42 per cent. Other notable gainers were BHEL, SSLT, Tata Steel, Jindal Steel and Maruti. Turnover in the cash segment jumped to 17,702.16 crore from Rs 14,489.23 crore on July 15. A total of 9,687.23 lakh shares changed hands in 74,87,685 trades, while total market capitalisation stood at Rs 87,73,370 crore.
