Market steady; oil & gas, power stocks lead – 1 January 16, 2009
Posted by dhirendra1972 in Bearish Trend Line, Broad-base, Decent Gain, Markets Nature, Positive Territory, Positve Start, Seconline Stocks, Sectoral Indices, Stock Broking.Tags: Gain, Realty, Stocks, Territory, Trend Line
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Good morning friends.
The key indices got off to a positive start on Friday although gains were modest. Buying interest was broad-based, with all sectoral indices, barring realty, in positive territory.
“The markets have taken solace from the fact that the Dow managed to bounce back from the intraday lows after breaching the 8000 mark, quite in a way in which our Sensex breached the 9000 mark and then closed 100 points higher from the bottom. TCS has taken a morning cold water plunge, after those not so inspiring numbers last evening,” said VK Sharma of Anagram Stock Broking.
At 10:40 am, Bombay Stock Exchange’s Sensex climbed 1.79 per cent or 162.71 points to 9,209.11. The index touched a high of 9219.12 and low of 9215.65 so far. National Stock Exchange’s Nifty rose 1.75 per cent or 47.95 to 2784.65. The index touched a high and low of 2788.30 and 2724.20 respectively.
Sharma added, “Both the Nifty and the Sensex are below the bearish trend line. But their meandering around 3-4% is not going the change the nature of the markets. One could buy the intraday dips today with tight stop losses. The music for the markets could stop if the 1050 level in Reliance breaks – a level, which it has successfully defended these days.”
Secondline stocks also posted decent gains. The BSE Midcap and Smallcap indices were up 1.13 per cent and 0.9 per cent respectively.
ref: theeconmictimes
