21 Apr 2008 | 17:17
Rally continues
The markets opened on a strong note on the back of positive global cues. Though they witnessed mild selling pressure, they soon recovered to end with healthy gains. While the Sensex was up 258.13 points or 1.57% at 16,739.33, the Nifty gained 78.60 points or 1.59% to close at 5037.0. The broad market indices outperformed the frontline indices as the BSE Midcap and Smallcap index gained 2.15% and 2.60% respectively. The market breadth was positive as A/D ratio was 3:1 on the BSE. NSE cash turnover was Rs. 13,226.36crs. Vs. Rs.15,139.22crs last Thursday.
Sectorally, barring the BSE FMCG and IT indices, all the BSE Sectoral indices ended higher. The BSE Metal, Bankex and Consumer Durables indices surged in excess of 3%. Gainers from the index pivotals included Tata Steel, Jaipraksh Associates, Rel Comm, Ranbaxy and Bharti Airtel. Losers were Satyam, Infosys Tech, Wipro, ITC and TCS.
Despite negative news in the form of a CRR hike, the markets have continued to rally. Traders however need to be aware that the main indices are now near some strong resistances from which they could react. We recommend a go slow approach on fresh positions. Existing positions may however be held on to as the underlying trend continues to remain up.
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