After opening in the red, the markets recovered quickly and traded higher for most part of the day. While the Sensex was up 199.43 points or 1.25% at 16123.15, the Nifty was up 65.50 points or 1.36% to close at 4865.90. The broadmarket indices outperformed the benchmark indices as the BSE Midcap and Smallcap indices gained 3.32% and 3.76% respectively. The market breadth was positive as A/D ratio was 3.5:1 on the BSE. NSE cash turnover was Rs.15732.69cr vs Rs.16449.74cr yesterday.
Sectorally, barring the IT Index, all the BSE Indices ended with gains. The BSE Realty, Capital Goods and Power indices performed well as they surged in excess of 5% today. The top performers from the index pivotals included DLF, L&T, ACC and Ranbaxy. The top losers were Maruti Suzuki, Satyam Comp, HDFC and Cipla.
Barring any adverse global cues, Indian markets could continue to move up further in the coming sessions. Big corrections usually have sharp upward rallies in between. We nevertheless continue with our strategy of going slow on positional long term investments till we see signs of a confirmed sustainable uptrend. Short term trading positions with strict stop losses can however be entered into to take advantage of any further rally.
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