Markets pullback
Markets closed with gains after a volatile session. While the Sensex closed up 202.19 points or 1.24% at 16542.08, the Nifty gained 57.15 points or 1.17% at 4921.40. The broader markets however closed in red giving markets negative breadth. While the BSE Midcap Index ended 1% lower at 7,114.18, the BSE Smallcap Index ended 1.6% down at 8,809.79. Market breadth was weak as A/D ratio was 1:2.55 on the BSE. NSE cash turnover was Rs.12,076crs. Vs. Rs.14,486crs yesterday.
Sectorally, The IT index was the top performer followed by the FMCG, Oil and Gas and Healthcare indices. The losers were Realty, Bankex and Power. The top frontline gainers were Satyam, ITC and HDFC. The major losers were Bank of India, Bank of Baroda, IVR prime, Renuka Sugars and Punj Lloyd.
The pullback that was seen today could continue in the next trading session provided the global cues are not very weak. We reiterate our strategy of entering into long positions to take advantage of any pullback rally with a short term perspective as the overall markets are still in a downtrend. Traders also need to keep a watch on the 4800 support levels on the Nifty as a close below these levels could lead to the bears taking control.
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