Markets consolidate

10 Feb 2009 | 18:44
Markets consolidate

Markets seemed to be in consolidation mode after two sessions of strong gains that saw the Sensex gaining about 500 points. The main indices finally ended marginally higher. While the Sensex closed 63.58pts or 0.66% higher at 9,647.47, the Nifty gained 14.6pts or 0.5% to close at 2934.5. The broad market indices too ended higher as the BSE Midcap and Small Cap indices were up by 0.76% and 0.29% respectively. Market breadth was positive as A/D ratio was 1.26:1 on the BSE.

The sectoral indices were a mixed bag. The top gainers were the BSE Realty, Capital goods, Bankex and Healthcare indices. The top losers were the BSE Metals, FMCG and Consumer Durables indices. The top gainers from the BSE-30 were DLF, BHEL, M&M, L&T and Rcom. The top losers were Rel infra, Hindalco, Tata Motors and NTPC.

Markets are in consolidation mode after two sessions of strong gains. The short term trend nevertheless remains up and we continue with our strategy of adopting a selective buying approach, especially on declines.