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Markets touch record highs
Although opened choppy, the stock markets made record closing on Wednesday with Sensex gaining 121 points ends at 26,147.33 and Nifty clsoed 7,795.75 with 27.90 points up.
Sensex closes at 26,147, Nifty at 7,795
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Mumbai: Although opened choppy, the stock markets made record closing on Wednesday with Sensex gaining 121 points ends at 26,147.33 and Nifty clsoed 7,795.75 with 27.90 points up.
According to analysts, selective buying is seen in index heavyweights and more so in IT stocks on bourses. While TCS reported a market valuation of over Rs5 lakh crore, thus 2.21 per cent rally registered in the stock. Others Infosys gained rising to 3.5 per cent, while Wipro is gained by 1.9 per cent.
Market opened better and traded in a zigzag fashion with bullish bias and IT stocks helped broader indices to close at record high.
With the seven-day straight gains, Sensex has posted a gain of 1,140 points. Brokers anticipate that the government may accelerate economic reforms thus triggering buying from foreign investors.
Analysts believe that the market is inching towards consolidation at the current levels as the results seems to be mixed with large-cap reporting better performance over mid-caps. Enthused by the better-than-expected earnings by some of the bluechips, the overseas investors turned bullish influencing the current spell of rally.
The 26 of Nifty stocks declined and the broader market too was negative with advance/decline ratio at 1:1.3. IT, PSU Bank, Auto and FMCG indices gained while Media, Metal declined. Infosys, ICICI Bank, TCS contributed more than 25 points to Nifty’s gain. Infosys, BPCL, Hindalco, Bank of Baroda, Wipro remained major gainers among Nifty stocks while Ambuja Cement, Ultra Cement, ACC, IDFC remained losers. MRF, GMR Infra, Dish TV, Glenmark remained major gainers among F&O stocks while Ultra Cement, Exide, Ambuja Cement, ACC declined among F&O stocks.
Midsession subdued
Nifty continued its gains for the Seventh day in a row. Nifty is in the vicinity of 7800 and it could aim at 8000 mark in the near term. Stop loss for long positions may be trailed to 7700. Nifty spot is expected to encounter resistance at 7830, 7870 and find support at 7755 7720, for Thursday. While global cues, quarterly results and funds flow are expected to guide the market basing on the present market condition. It may be expected that the market to be volatile with subdued midsession and recovery towards close.
- Dr BA Sastry
