29 Apr 2008 | 17:16 Markets surge ahead after RBI policy meet
The markets opened on a choppy note but soon started their upward journey after the RBI announced its decision to hold key interest rates stable.
While the Sensex was up 362.50 points or 2.13% at 17,378.46, the Nifty gained 105.85 points or 2.08% to close at 5195.50. The broad market indices also participated in the rally but to a lesser extent as the BSE Midcap and Smallcap indices ended 1.13% and 0.87% higher respectively. Market breadth was positive, as A/D ratio was 1.4:1 on the BSE. NSE cash turnover was Rs. 18,087.42cr Vs. Rs.12,802.17cr yesterday.
All the BSE Sectoral indices closed with gains. The BSE Realty and IT were the star performers of the day as they surged more than 5%. Gainers from the index pivotals included DLF, Satyam Comp, Hindalco, HDFC and Jaiprakash Associates. Losers were Grasim, Bharti Airtel, Rel Comm and Cipla.
The markets continue their bullish momentum on the back of RBI's monetary policy. The main indices also saw some key resistances being broken. We continue with our strategy of holding on to existing positional longs and adopting a selective buying approach. Markets may consolidate for a while after the sharp run up seen in the last three weeks
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