Benchmarks broke out of a narrow range Tuesday afternoon and surged to close near intermediate highs even as the global markets continued to disappoint. The rally was led by gains in index heavyweights like Reliance Industries and Bharti Airtel. Indices opened on a flat note in line with other Asian markets following mixed signals from Federal Reserve Chairman Ben Bernanke on the state of the US economy. However the market spiked up on good volumes in the later half of the session giving rise to speculations that the market may touch new 52-week highs. “This was a surprise move as nothing from the F&O front seemed to suggest anything that would have triggered this upmove in the market. Based on options data, Nifty has strong support at 5000 and resistance at 5200 and has thus far been moving in this range of 5000-5200. One should look to initate fresh longs only when 5200 is broken on the upside.
National Stock Exchange’s Nifty ended at 5147.95, up 81.25 points or 1.6 per cent. The 50-share index hit a high of 5152.55 and low of 5058.90. Bombay Stock Exchange’s Sensex closed at 17,227.68, up 244.54 points or 1.44 per cent. The index touched an intra-day low of 16964.11 and high of 17,237.79. BSE Midcap Index was up 1.31 per cent and BSE Smallcap Index gained 1.38 per cent. Amongst the sectoral indices, BSE Realty Index gained 3.27 per cent, BSE Metal Index jumped 2.15 per cent and BSE Oil&Gas Index advanced 1.73 per cent.
National Stock Exchange’s Nifty ended at 5147.95, up 81.25 points or 1.6 per cent. The 50-share index hit a high of 5152.55 and low of 5058.90. Bombay Stock Exchange’s Sensex closed at 17,227.68, up 244.54 points or 1.44 per cent. The index touched an intra-day low of 16964.11 and high of 17,237.79. BSE Midcap Index was up 1.31 per cent and BSE Smallcap Index gained 1.38 per cent. Amongst the sectoral indices, BSE Realty Index gained 3.27 per cent, BSE Metal Index jumped 2.15 per cent and BSE Oil&Gas Index advanced 1.73 per cent.
Biggest Sensex gainers were Bharti Airtel (4.05%), DLF (3.53%), Tata Motors (2.78%), Hindalco Industries (2.56%) and Reliance Industries (2.33%).
State Bank of India (-0.78%), Maruti Suzuki (-0.45%) and Hero Honda (-0.14%) ended with marginal losses.
There were reports that Reliance Industries is in talks with more than a dozen banks to ready $8-10 billion war chest for the acquisition of LyondellBasell, the world’s third-largest petrochemical company that has filed for bankruptcy in the US. Market breadth on BSE showed 1865 advances against 951 declines. European markets were in the negative terrain following weakness in the banking stocks. The US markets are also expected to open lower suggest stock futures. At 5 pm IST, Dow Jones stock futures was down 0.13 per cent, S&P 500 moved 0.07 per cent lower and Nasdaq 100 declined 0.11 per cent.
Regards,
RAKESH MAKIN
Chugh securities Pvt Ltd
+91 9915684997, 9041667797
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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Regards,
RAKESH MAKIN
Chugh securities Pvt Ltd
+91 9915684997, 9041667797
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Email:rakeshmakin@yahoo.com
Blog :http://wwwmakin97-nse.blogspot.com/
Home page: http://in.groups.yahoo.com/group/makin97NSEtips
Group mail id: makin97NSEtips@yahoogroups.co.in
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