20 Aug 2008 | 18:42
Markets
end higher breaking the 5 day losing streak The markets opened higher
on Wednesday morning and traded higher for most part of the day.
Markets
end higher breaking the 5 day losing streak The markets opened higher
on Wednesday morning and traded higher for most part of the day. The
markets finally closed the day in the green, albeit off the day’s
highs. Asian stocks rebounded from a two-year low as Chinese shares
surged on hopes the government will introduce a stimulus package to
boost the slowing economy and aid the stock and property markets.
European markets which opened after Indian markets were also trading
higher.
While the Sensex closed up 134.50 points or 0.92% at
14,678.23, the Nifty gained 47.5 points or 1.09% at 4415.75. The broad
market indices also ended higher as the BSE Midcap and Smallcap index
gained 1.04% and 0.76% respectively. The market breadth was healthy, as
A/D ratio was about 1.7:1 on the BSE. Turnover on the NSE for Wednesday
was Rs.9200crs. versus
Rs.8935 cr on Tuesday.
Barring the BSE FMCG index, all the BSE Sectoral Indices ended with gains.
The
biggest gainers were the Realty, Power and Capital Goods indices that
gained in excess of 1.7% each respectively. Gainers from the BSE-30
were Rel Comm, Grasim Inds, BHEL and Bharti Airtel. The losers from the
Sensex pack included ONGC, M&M, Satyam and HUL.
With the
markets respecting the supports at lower levels and ending with gains
after five sessions of weakness, the bulls seem to have the upper hand
at least for the short term. The Nifty also closed above the 4400
resistance levels that we had mentioned yesterday, which is a sign of
strength. We recommend a selective buying approach with a short term
perspective.
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Markets
end higher breaking the 5 day losing streak The markets opened higher
on Wednesday morning and traded higher for most part of the day.
Markets
end higher breaking the 5 day losing streak The markets opened higher
on Wednesday morning and traded higher for most part of the day. The
markets finally closed the day in the green, albeit off the day’s
highs. Asian stocks rebounded from a two-year low as Chinese shares
surged on hopes the government will introduce a stimulus package to
boost the slowing economy and aid the stock and property markets.
European markets which opened after Indian markets were also trading
higher.
While the Sensex closed up 134.50 points or 0.92% at
14,678.23, the Nifty gained 47.5 points or 1.09% at 4415.75. The broad
market indices also ended higher as the BSE Midcap and Smallcap index
gained 1.04% and 0.76% respectively. The market breadth was healthy, as
A/D ratio was about 1.7:1 on the BSE. Turnover on the NSE for Wednesday
was Rs.9200crs. versus
Rs.8935 cr on Tuesday.
Barring the BSE FMCG index, all the BSE Sectoral Indices ended with gains.
The
biggest gainers were the Realty, Power and Capital Goods indices that
gained in excess of 1.7% each respectively. Gainers from the BSE-30
were Rel Comm, Grasim Inds, BHEL and Bharti Airtel. The losers from the
Sensex pack included ONGC, M&M, Satyam and HUL.
With the
markets respecting the supports at lower levels and ending with gains
after five sessions of weakness, the bulls seem to have the upper hand
at least for the short term. The Nifty also closed above the 4400
resistance levels that we had mentioned yesterday, which is a sign of
strength. We recommend a selective buying approach with a short term
perspective.
Visit site at – http://investorline.co.in/
Newsroom - http://newsroom.investorline.co.in/
Learning Center- http://learning.investorline.co.in/
Mutual funds - http://mutualfunds.investorline.co.in/
Life Insurance - http://insurance.investorline.co.in/
Investor Journal - http://research.investorline.co.in/
Investor Forums- http://forums.investorline.co.in/
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