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Bulls back again
Bulls back again.The bulls are back into markets. The benchmarking indices closes on Monday, the day derivative contracts open, about 2 per cent higher thus snapping the eight-day losing streak following strong global cues.
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Sensex ends 517 points, Nifty settles below 8,500
Outlook for Tuesday
Midsession better
After three weeks of fall, Nifty rose sharply, typical of derivative opening week. However, Nifty is below 100 DMA and in case it closes above 8525, short term and medium term bullishness would return. In view of the long weekend, investors need to exercise caution. Nifty spot is expected to encounter resistance at 8530, 8565 and find support at 8455, 8420 for Tuesday. While global cues and funds flow are expected to guide the market movement, basing on the present market, it may be expected to remain subdued in the forenoon session and could recover thereafter.
– Dr B Amaranatha Sastry
Mumbai: The bulls are back into markets. The benchmarking indices closes on Monday, the day derivative contracts open, about 2 per cent higher thus snapping the eight-day losing streak following strong global cues. The entire trading session witnessed strong buying in the frontline counters as the investor sentiment got improved with global markets in maintained positive note. Value buying is seen after the recent correction.
Sensex closed 517 points higher at 27,976 and Nifty gained with 120 points at 8496. The broader markets performed better than heavyweights with midcap up 1.9 per cent and smallcap up 3.4 per cent.Experts say that the upward journey of stock market would extend to April also, however, investors cautioned to be selective and apply stock specific approach ahead of quarterly results season.
Global markets are hopeful of possible stimulus in order to boost China's economy. Although markets are in oversold zone, it is expected to recover in a slow-paced manner.Though buying seen across the sectors, Capital Goods shares are in high demand with the index rising about 3 per cent. The stocks gained include, BHEL, L&T, BEML, CG and Suzlon Energy. While FMCG, banking, realty, auto, metal and O&G indices also raised over 1 per cent.
The gainers: Bharti Airtel, up 3.55 per cent at Rs 389.55; HDFC, up 3.52 per cent at Rs 1,306.20; ONGC, up 3.49 per cent at Rs 314.70; ITC, up 3.41 per cent at Rs 327.90; and Coal India, up 3.27 per cent at Rs 358.80.The losers: Hindalco Inds, down 1.61 per cent at Rs 131.40; Tata Power, down 0.73 per cent at Rs 74.55; and Reliance Industries, down 0.17 per cent at Rs 810.35.
