Mumbai: The NSE Nifty recovered in late trade to close with moderate gains on Thursday. Indian market started recovering as European markets bounced on hopes that Greece referendum may not happen. The Nifty held on to the 5200 mark quite nicely since last week, which is looking like the support in the near term. The index rose 7.3 points, to end at 5,265.75. The 30-share BSE Sensex recovered 200 points from day's low, before closing up 17.08 points at 17,481.93.
Every market across the globe has priced in all negatives associated with Europe and is awaiting conclusive decision from the G-20 meet that started today. According to Nick Parsons of National Australia Bank, collapse of Greece government will be positive for global markets. He said ouster of PM Papandreou would mean no referendum in Greece.
European markets bounced back sharply after a fall of 1.5-2 per cent in the initial trade. France's CAC and Germany's DAX moved up 1 per cent each while Britain's FTSE rose 0.3 per cent. Athex Composite (Greek) shot up 2.7 per cent and IBEX (Spain) was up 1.25 per cent.
Back home, heavyweights Reliance Industries, Bharti Airtel and SBI led the major support; respective stocks gained 1.51 per cent, 2.15 per cent and 1.34 per cent.
Power stocks rallied after the government meeting on import duty for foreign power equipment. BHEL shot up 4.18 per cent and Tata Power rallied over 3 per cent while NTPC gained 1 per cent.
However, the fall of 0.5-1 per cent in Infosys, ICICI Bank, HDFC Bank, L&T and Wipro has limited the upside.
SAIL lost 3 per cent after less than expected numbers in Q2. The company's net profit fell 54.6 per cent to Rs 495 crore in the second quarter of FY12 due to forex loss Rs 509 crore.
Total traded turnover was more than Rs 1.16 lakh crore. Declines outnumbered advancing ones by 752 to 653 on the National Stock Exchange.
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