Sensex marches on

13 Feb 2009 | 18:29
Sensex marches on

Markets moved up further after consolidating in the last few sessions. The upmove was broad based as almost all the sectoral indices ended higher. Railway stocks however declined after the Railway budget was announced.

While the Sensex closed 168.91pts or 1.78% higher at 9,634.74, the Nifty gained 55.3pts or 1.91% to close at 2948.35. The broad market indices too ended higher as the BSE Midcap and Small Cap indices were up by 1.51% and 0.62% respectively. Market breadth was positive as A/D ratio was 1.2:1 on the BSE.

Barring the BSE Health care index, all the sectoral indices ended higher. The top gainers were the BSE Metals, Capital goods, Realty, Power and Auto. The top gainers from the BSE-30 were M&M, ACC, Tata Steel, RCom, DLF and JP Associates. The top losers were Sun Pharma, Tata Power, Ranbaxy and Infosys.

The markets are now in a firm uptrend as the Nifty has closed with strong gains after breaking out of the 2750-2850 range early this week and then consolidating for a while. We expect the Nifty to run up to the 3150 levels in the coming week and recommend buying stocks showing relative strength to take advantage of the expected rally.