Sensex up 265 pts on value buying

Feb 12, 2011 |

Correspondent

Mumbai, Feb. 11: The Sensex bounced back unexpectedly going up nearly 300 points intra-dray and closing up 265.57 points at 17,728.61. The Nifty regained the 5,300 mark to close at 5,310 up 84.20 points.

The markets opened positive and dipped a bit when the low IIP numbers were out but quickly recovered and gained strength in the afternoon on hectic short covering.

But it is too early to say whether this is a sustainable recovery “There was some short covering but the markets were oversold and there was genuine buying at lower levels. Unless the bounce back continues for a couple of days one cannot be sure about the robustness of the recovery,” said Mr Ambareesh Baliga of Karvy Stock Broking. The bottom has not been reached for sure he says adding that it has been stalled for some time and hence the bounce back. There could have been genuine buying at lower levels.

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