Markets recover smartly after a weak opening The markets opened lower this morning on the back of negative global cues.
Markets recover smartly after a weak opening The markets opened lower this morning on the back of negative global cues. However, the Indian markets managed to recover from the lows of the day and closed shop with hefty gains. The Indian markets also outperformed most of their Asian peers, which ended lower. While the Sensex was up 348.62 points or 1.96% at 18,115.25, the Nifty gained 100.9 points or 1.94% to close at 5302.9. Broadmarket indices also participated in the recovery as the BSE Midcap and Smallcap indices gained 1.87% and 2.27% respectively. The market breadth was healthy, as A/D ratio was 2.6:1 on the BSE. NSE cash turnover was Rs. 14,206.78cr Vs. Rs.13,545.99cr. yesterday.
All the BSE Sectoral indices ended with gains. The outperformers were the BSE Metal, Oil & Gas, and Realty indices that surged more than 3%. Gainers from the index pivotals included Hindalco, Tata Steel, Bajaj Auto, SBI and Ranbaxy Labs. Losers were Maruti Suzuki, Grasim Inds, TCS and Ambuja Cement.
The markets have now closed with healthy gains for three days in a row. The main indices are also trading above the 200 day EMA and the 13 day short term moving averages, which is a healthy sign. However, as the main indices are yet to confirm that they are in a fresh uptrend and also due to continued global uncertainties, we recommend taking a small exposure with respect to fresh positions in order to get your legs into the door. Aggressive positions can be built up once the markets enter a confirmed uptrend.
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