Markets close with spectacular gains

16 Jan 2009 | 18:32
Markets close with spectacular gains

Markets moved up sharply today on the back of huge buying interest and positive global cues. While the Sensex closed 276.85pts or 3.06% higher at 9,323.59, the Nifty gained 91.75pts or 3.35% to close at 2828.45. The broad market indices under performed as the BSE Midcap and Small Cap indices were up by 0.53% and 0.07% respectively. Market breadth was marginally positive as A/D ratio was 1.07:1 on the BSE. NSE cash turnover was lower at Rs.7,269 crs. Vs. Rs.8179crs. on Friday.

Barring the BSE Realty index, all the sectoral indices ended higher. The BSE Oil and Gas index was the top gainer followed by the BSE Power, Metals and Bankex indices. The top gainers from the BSE-30 were NTPC, Rel infra, Reliance, Tata Power, Rcom and Bharti. The top losers were DLF, TCS, Grasim and ACC.

Though the markets have closed strongly today, it remains to be seen if the strength seen today can sustain next week. Traders need to watch the 2850 levels on the Nifty as a move above these resistances could give the bulls the upper hand.