Markets move northward

30 Jan 2009 | 17:34
Markets move northward

Markets closed with healthy gains on the first day of the February series.The upmove came in the second half of the session after trading weak in the early part of the day.

While the Sensex closed 187.96pts or 2.04% higher at 9,424.24, the Nifty gained 50.85pts or 1.8% to close at 2874.8. The broad market indices too ended higher as the BSE Midcap and Small Cap indices were up by 1.31% and 1.08% respectively. Market breadth was positive as A/D ratio was 1.36:1 on the BSE. NSE cash turnover was lower at Rs.9,836crs. Vs. Rs.11,621crs. on Thursday.

Barring the BSE Healthcare index, all the sectoral indices ended higher. The top gainers were the BSE Realty, Metals, Oil and Gas and FMCG indices. The top gainers from the BSE-30 were JP Associates, DLF, Hindalco, SBI and RCom. The top losers were Sun Pharma, BHEL and Tata Motors.

With the Nifty breaking out of the 2850 levels, we remain open to the possibilities of the Nifty testing the 3000 levels in the coming week. Traders should however remain cautious as the long term trend continues to remain down.