05 Aug 2008 | 17:39
Markets end near the highs of the day
The
markets opened on a flat note on Tuesday morning and continued to trade
flat for the first part of the day. Post noon, the markets picked up
momentum and started moving higher to close near the highs of the day.
US crude futures tumbled yesterday, 4 August 2008, as OPEC output rose
for the third month in a row in July, outweighing concerns about
Tropical Storm Edouard. On the New York Mercantile Exchange, September
crude settled down
$3.69 at $121.41 a barrel. There is a Federal
Reserve meeting scheduled after Indian market hours today to decide on
US interest rates. The European markets gained today as a rally in
banks gathered pace following results from Societe Generale and
Standard Chartered and oil fell to a 3-month low.
While the
Sensex closed up 383.20 points or 2.63% at 14,961, the Nifty gained
107.5 points or 2.45% at 4502.85. The broad market indices also ended
higher but to a lesser extent as the BSE Midcap and Smallcap index
gained 1.76% and 1.26% respectively. The market breath was positive, as
A/D ratio was about 2:1 on the BSE. Turnover on the NSE was Rs.17,293.1
crs.
Vs. Rs.13,531.58crs. on Monday.
Barring the BSE Consumer
Durables and Metal index, all the BSE Sectoral indices ended in the
green. The BSE Bankex, Realty and Auto gained 6.65%, 6.56% and 4.1%
respectively. Gainers from the BSE-30 were ICICI Bank, DLF, Maruti
Suzuki, HDFC Bank and Grasim Inds. The only losers from the Sensex pack
included Sterlite Inds, Tata Steel, Tata Power and Ranbaxy Labs.
After
taking a breather yesterday, the markets continued their uptrend by
rallying strongly today. Traders are however advised to avoid buying
aggressively as the main indices are approaching some strong
resistances.
Existing positions may be held on to with trailing stops to protect profits already earned.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/
Markets end near the highs of the day
The
markets opened on a flat note on Tuesday morning and continued to trade
flat for the first part of the day. Post noon, the markets picked up
momentum and started moving higher to close near the highs of the day.
US crude futures tumbled yesterday, 4 August 2008, as OPEC output rose
for the third month in a row in July, outweighing concerns about
Tropical Storm Edouard. On the New York Mercantile Exchange, September
crude settled down
$3.69 at $121.41 a barrel. There is a Federal
Reserve meeting scheduled after Indian market hours today to decide on
US interest rates. The European markets gained today as a rally in
banks gathered pace following results from Societe Generale and
Standard Chartered and oil fell to a 3-month low.
While the
Sensex closed up 383.20 points or 2.63% at 14,961, the Nifty gained
107.5 points or 2.45% at 4502.85. The broad market indices also ended
higher but to a lesser extent as the BSE Midcap and Smallcap index
gained 1.76% and 1.26% respectively. The market breath was positive, as
A/D ratio was about 2:1 on the BSE. Turnover on the NSE was Rs.17,293.1
crs.
Vs. Rs.13,531.58crs. on Monday.
Barring the BSE Consumer
Durables and Metal index, all the BSE Sectoral indices ended in the
green. The BSE Bankex, Realty and Auto gained 6.65%, 6.56% and 4.1%
respectively. Gainers from the BSE-30 were ICICI Bank, DLF, Maruti
Suzuki, HDFC Bank and Grasim Inds. The only losers from the Sensex pack
included Sterlite Inds, Tata Steel, Tata Power and Ranbaxy Labs.
After
taking a breather yesterday, the markets continued their uptrend by
rallying strongly today. Traders are however advised to avoid buying
aggressively as the main indices are approaching some strong
resistances.
Existing positions may be held on to with trailing stops to protect profits already earned.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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