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Short covering lifts markets

Short covering lifts markets
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Short covering lifts markets. The stock markets have reacted positive with full strength on Monday to the May series by taking support from short covering as indices showed pullback rally of about two per cent after suffering losses last few weeks.

Sensex gains 479 points, Nifty ends above 8,300

Mumbai: The stock markets have reacted positive with full strength on Monday to the May series by taking support from short covering as indices showed pullback rally of about two per cent after suffering losses last few weeks. Sensex zoomed 479 points to close at 27,491 and Nifty surged 150 points closing 8,332. The broader markets have also rallied similarly with midcap gaining 1.3 per cent and smallcap up 2 per cent.

Experts feel that the rally taking support from short covering may continue for some more sessions as weak monsoon, lower earnings and MAT worries have already discounted. Also, the rally was added by the auto stocks taking upward swing following auto companies have started releasing improved sales data for April. However, the major trigger will be Parliament proceeding and global cues like Greece debt issue.

On sectoral front, all indices closed on a positive note led by FMCG, Healthcare, Realty, Oil & Gas, Power reporting between 2 and 3.5 per cent. While ONGC surged as the government willing to pay entire subsidy that OMCs pay on selling LPG and kerosene. The scrip raised over 7 per cent. PSU stock, BHEL gained about 3 per cent as the company successfully commissioned thermal unit in Bihar, while NTPC up over 1 per cent as the company is partnering with Jharkhand state to set up 6,400 MW power plant.

The gainers: ONGC, up 7.57 per cent at Rs 327.65; Bajaj Auto, up 7.40 per cent at Rs 2,093.70; Cipla, up 5.80 per cent at Rs 674; and Mahindra & Mahindra, up 4.72 per cent at Rs 1,199.25.

The losers: ICICI Bank, down 0.63 per cent at Rs 329.15; Tata Motors, down 0.34 per cent at Rs 506.70; and L&T, down 0.12 per cent at Rs 1,630.50.

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