Nifty ends above 6100 after over 2 years in special trade

The 50-share Nifty benchmark closed above the key 6,100 mark for the first time since January, 2011 in a special trading session on Saturday. The BSE Sensex ended above the 20,100 mark.

The Bombay Stock Exchange and the National Stock Exchange were open for a live trading session on Saturday. Trading took place between 11.15 a.m. and 12.45 p.m. in the cash segment from the Disaster Recovery site of the bourses.

Indian equities have seen strong gains amid continued foreign buying. The Sensex has risen about 9 per cent since mid-April, helped by a surge in foreign buying that analysts say is tied to a rally in the global markets as easier monetary policies worldwide spark demand for riskier assets.

While some analysts have turned cautious after the sharp rise, many remain bullish on Indian equities.

Market analyst Sarvendra Srivastava said gains are coming slow and steady, but the big disappointment has been the dollar rupee cross.

"The rupee is the only missing link as far as the Nifty is concerned. If the rupee breaks out above 55, we will book profits in Nifty too," Mr Srivastava said.

Traders should continue to be long, but investors should book profits at every rise, market analyst Ambareesh Baliga said.

Drug makers such as Dr Reddy's and Lupin were the top Nifty gainers, rising 3.5-4 per cent. Sun Pharma hit another record high, gaining 2.4 per cent today.

Mr Baliga said Dr Reddy's, Sun Pharma and Lupin are a must in any portfolio.

Oil marketing stocks like BPCL rose after a hike in diesel prices. ONGC, which has to contribute to the subsidy kitty, also ended higher.

From a long term view, oil stocks are in for a multi-year bull run and we might see a couple of multibaggers in the space, Mr Baliga said.

Recent laggards such as Asian Paints and drug maker Ranbaxy rose on short covering.

15 stocks closed lower on the Nifty. IT stocks such as TCS and Infosys saw profit taking. TCS shed 0.65 per cent and was the top Nifty loser.

The Sensex rose 40 points t0 21,122, while the Nifty gained 12.50 points to close at 6,107.