Markets inch up further

02 Jan 2009 | 18:27
Markets inch up further

Markets traded in a range and seemed to be in consolidation mode after yesterday's New Year rally. The main indices managed to close with modest gains. While the Sensex closed 54.76pts or 0.55% higher at 9,958.22, the Nifty gained 13.3pts or 0.44% to close at 3046.75. The broad market indices outperformed as the BSE Midcap and Small Cap indices were up by 2.17% and 1.58% respectively. This explains the positive market breadth as A/D ratio was 2.08:1 on the BSE. NSE cash turnover was higher at Rs.10,460crs. Vs. Rs.7,016crs. on Thursday.

Barring the BSE IT index, all the sectoral indices ended higher. The biggest gainers were the BSE Consumer Durables, Realty, Bankex and Power indices. The top gainers from the BSE-30 were Hindalco, DLF, Rel Infra, HDFC, Tata Motors and Reliance. The top losers were Satyam, Bharti Airtel, Wipro and Tata Power.

Markets seem to be in consolidation mode after yesterday's new year rally. Traders need to watch the 3025 Nifty supports as a close below these levels could lead to weakness and a testing of the 3000-2980 levels. On the other hand, a move above today's high of 3080 could see the Nifty racing towards the 3100-3150 levels.