Indian Markets - A Smart recovery
The markets opened in the positive on the back of strong global cues and then started to slip into negative territory post lunch. However, they soon staged a smart recovery in the last hour of trade to finally close with healthy gains. While the Sensex was up 117.08 points or 0.66% at 17,734.68, the Nifty gained 37.35 points or 0.72% to close at 5191.80. Broadmarket indices performed in line with the frontline indices as the BSE Midcap and Smallcap indices gained 1.05% and 0.64% respectively. The market breadth was positive as A/D ratio was 1.2:1 on the BSE. NSE cash turnover was Rs.12193.69cr vs. Rs. 12184.21cr yesterday.
Sectorally, barring the BSE Bankex and Capital Goods, all the BSE Indices ended higher. The BSE IT and Metals surged 4.77% and 3.83% respectively. Top Gainers amongst the index pivotals included Satyam Comp, Hindalco, Wipro, Tata Steel and Infosys. Losers were HDFC, ICICI Bank, BHEL, SBI and Grasim Inds.
While the main indices continue to remain rangebound a lot of stock specific action is being seen. We nevertheless continue with our go slow approach on fresh long positions due to continued global uncertainties and the fact that the main indices in India are yet to enter into a confirmed uptrend.
Source- Capital Markets
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