Equity trading tips: Sensex soars 402 pts, Nifty closes at 8325
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Equity benchmarks surged for the second straight session Monday, even as players are divided on whether the rally can sustain. The 30-share Sensex closed at 27507.30, up 401.91 points or 1.48 percent over its previous close. The Nifty closed at 8325.25, up 133.75 points or 1.63 percent.
In the last two sessions, the Sensex has risen around 908 points and the Nifty around 268 points. There was good demand for mid cap shares too, with S&P BSE Midcap Index gaining over 2 percent.
Brokers attributed much of the rise in the last of couple of sessions to short covering of positions, and said there was not much of fresh buying by institutional investors.
Bank of Baroda was among the prominent gainers of the day, with the stock rising 17 percent. The company’s fourth quarter earnings fell short of market expectations, but improvement in asset quality was better than what analysts had estimated.
HDFC, State Bank of India, Infosys, ICICI Bank, Tata Motors and Sun Pharma were among the major contributors to the rally.
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