11 Aug 2008 | 18:07
Markets
rally on the back of strong global cues The markets opened higher on
Monday morning on the back of strong global cues and continued to trade
at higher levels through the day.
Markets
rally on the back of strong global cues The markets opened higher on
Monday morning on the back of strong global cues and continued to trade
at higher levels through the day. Shares in banking and other interest
rate sensitive sectors rallied. Buying was broad based, yet, software
shares remained subdued throughout the session. US markets closed
higher on Friday on the back of a stronger dollar and falling crude
prices. European markets, which opened after Indian markets were also
trading firm.
While the Sensex closed up 336.1 points or 2.22%
at 15,504, the Nifty gained 90.9 points or 2.01% at 4620.40. The broad
market indices also ended higher but to a lesser extent as the BSE
Midcap and Smallcap index gained 1.63% and 1.25% respectively. The
market breath was positive, as A/D ratio was about 1.8:1 on the BSE.
Turnover on the NSE for Monday was Rs.12,437.81 crs Vs.
Rs.12,533.48crs. last Friday.
Sectorally, barring the BSE IT,
Consumer Durables and Healthcare index that ended on a flat note, all
the BSE Sectoral indices ended higher. The BSE Realty and Bankex gained
5.27% and 4.16% respectively. Gainers from the BSE-30 were Jaiprakash
Associates, Rel Infra, ICICI Bank, Maruti Suzuki and SBI. The losers
from the Sensex pack included Sterlite Inds, TCS, Tata Steel and
Infosys.
After consolidating for three sessions, markets have
broken out of the narrow range they were trading in and now seem to be
headed higher in the coming sessions. The main indices are also
approaching the 200 day Exponential moving averages which correspond to
the 4736 levels on the Nifty. Markets could therefore find resistance
at these levels. We continue with our strategy of holding on to
existing positions with trailing stops to protect profits already
earned. A go-slow approach is recommended towards fresh positions as
markets are approaching some strong resistances.
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Markets
rally on the back of strong global cues The markets opened higher on
Monday morning on the back of strong global cues and continued to trade
at higher levels through the day.
Markets
rally on the back of strong global cues The markets opened higher on
Monday morning on the back of strong global cues and continued to trade
at higher levels through the day. Shares in banking and other interest
rate sensitive sectors rallied. Buying was broad based, yet, software
shares remained subdued throughout the session. US markets closed
higher on Friday on the back of a stronger dollar and falling crude
prices. European markets, which opened after Indian markets were also
trading firm.
While the Sensex closed up 336.1 points or 2.22%
at 15,504, the Nifty gained 90.9 points or 2.01% at 4620.40. The broad
market indices also ended higher but to a lesser extent as the BSE
Midcap and Smallcap index gained 1.63% and 1.25% respectively. The
market breath was positive, as A/D ratio was about 1.8:1 on the BSE.
Turnover on the NSE for Monday was Rs.12,437.81 crs Vs.
Rs.12,533.48crs. last Friday.
Sectorally, barring the BSE IT,
Consumer Durables and Healthcare index that ended on a flat note, all
the BSE Sectoral indices ended higher. The BSE Realty and Bankex gained
5.27% and 4.16% respectively. Gainers from the BSE-30 were Jaiprakash
Associates, Rel Infra, ICICI Bank, Maruti Suzuki and SBI. The losers
from the Sensex pack included Sterlite Inds, TCS, Tata Steel and
Infosys.
After consolidating for three sessions, markets have
broken out of the narrow range they were trading in and now seem to be
headed higher in the coming sessions. The main indices are also
approaching the 200 day Exponential moving averages which correspond to
the 4736 levels on the Nifty. Markets could therefore find resistance
at these levels. We continue with our strategy of holding on to
existing positions with trailing stops to protect profits already
earned. A go-slow approach is recommended towards fresh positions as
markets are approaching some strong resistances.
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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