11 Apr 2008 | 17:21
Markets close the week on a positive note
The markets opened with an upgap this morning but soon gave up most of their gains after the inflation data was announced. The wholesale price index rose to 7.41% for the week ended 29 March 2008, accelerating from the previous week's annual rise of 7%. However, the markets soon recovered due to firm global cues and higher than expected IIP numbers, industrial output rose 8.6% in February 2008 from a year earlier, rising from the previous month's upwardly revised 5.8%. The markets finally closed the day on a mildly positive note.
While the Sensex was up 112.54 points or 0.72% at 15,807.64, the Nifty was up 44.8 points or 0.95% to close at 4777.80. For the week the Sensex was up 3% and the Nifty gained 2.8%. The broadmarket indices also closed in the positive. The BSE Midcap and Smallcap index closed up 0.68% and 0.63% respectively. The market breadth was positive, as A/D ratio was 1.6:1 on the BSE. NSE cash turnover was Rs. 11,815.36cr vs Rs. 12,539.14cr yesterday.
Sectorally, it was a mixed bag. The BSE Bankex and FMCG lost 0.64% and 1.29% respectively. The BSE Capital Goods, Oil & Gas and Power surged in excess of 2%. Gainers from the index pivotals include Bhel, L&T, Reliance and Satyam Comp. Losers include Ambuja Cement, Infosys, HUL and ITC.
The Nifty is facing a lot of resistance at 4800 levels and therefore only a convincing move above this level would lead to a rally to the 5000-5100 levels. We recommend a selective buying approach.
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