Markets stage a smart recovery - 25th Feb 2008
The markets opened in the positive but soon slipped into the red. However, they staged a smart recovery during the day to end with healthy gains. The Sensex was up 301.50 points or 1.74% at 17,650.57 while the Nifty gained 89.95 points or 1.76% to close at 5200.70. Broadmarket indices underperformed the frontline indices. While the BSE Midcap ended flat, the Smallcap index was down 0.72%. Market breadth was negative as A/D ratio was 1:1.5 on the BSE. NSE cash turnover was Rs.11712.57cr vs. Rs.10201.49cr on Friday.
Sectorally, it was a mixed bag. The BSE Oil & Gas was the largest gainer as it surged 3.60%. Losers included the BSE Consumer Durables and Bankex as they ended 1.20% and 0.37% lower. Gainers from the index pivotals included ACC, Reliance, Ambuja Cement and Rel Energy. Major losers were Bajaj Auto, HDFC Bank, HUL and M&M.
With the main indices bouncing strongly from the 200 day EMA supports, there is a possibility that today's rally could continue for at least a few sessions. Swing traders can take advantage of this opportunity by buying stocks that exhibit relative strength for short term profits.
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