A spectacular recovery wipes off Greek ‘tragedy’ jitters for Indian markets!
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The The Nifty ended the day at 8,520, adding 35 points and recovering from an intra-day low of 8,386 points. The gains on the Bank Nifty were more eye popping. The Index hit a low of 18,417 points but scaled up to 18,825 points, ending the day with a gain of 0.5 percent.
The Advance-Decline Ratio on the Nifty was 33:17 compared with a paltry 3:47 in the morning. On the
Lots of things favoured the bulls today. A strong Dollar helped commodity prices head lower, which mean Crude Oil, India's top import, hit lowest level since mid-April. This pushed Oil Marketing Companies to higher orbits.
A firm Dollar also meant that the
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Pharma and tech companies, both major exporters, shone brightly in trade. Dr. Reddy's and Cipla were the top gainers on the Nifty. They led 107 of their smaller peers higher, compared with just 27 drug stocks that lost ground on the BSE.
A similar if not more bullish trend was observed on textile stocks, led by
(Image Credits: pardaphash)
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