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Markets scale new highs; State bank up 5.4%
Benchmarking indices ended at record closing on Monday after the government data showing narrowed trade deficit in October, compared to the previous month.
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Mumbai: Benchmarking indices ended at record closing on Monday after the government data showing narrowed trade deficit in October, compared to the previous month.
BSE 30-stock index, Sensex closed at 29,178, up 131 points and NSE index Nifty ended at 8430, a 40 point gain, while it touched record high of 8438 in intra-day.
Earlier, Sensex opened in negative zone fell day's low of 27,921 as investors ventured on profit taking at high levels. However, the index stage a strong comeback after government data showed narrowing trade deficit to $13.35 billion in October.
Although most of the Asian markets closed in red, the Indian markets managed to bounce back in the afternoon trade. In the last one hour the market witnessed strong buying on the banking, IT and auto counters like SBI, HDFC Bank, Infosys, Tata Motors and Bajaj Auto touched fresh highs.
The major gainers: SBI, up 5.44 per cent at Rs 2,940.15; Tata Motors, up 4.07 per cent at Rs 545.10; Hero MotoCorp, up 2.15 per cent at Rs 3,027.70; NTPC, up 1.71 per cent at Rs 145.65; and Reliance Industries, up 1.47 per cent at Rs 983.35.
The major losers: ICICI Bank, down 1.27 per cent at Rs 1,673.65; HDFC Bank, down 1.27 per cent at Rs 1,673.65; HDFC Bank, down 1.05 per cent at Rs 919.55; Coal India, down 0.95 per cent at Rs 353.10; Sesa Sterlite, down 0.92 per cent at Rs 237.35; and Sun Pharma, down 0.46 per cent at Rs 882.45.
Zigzag movements
Nifty may be expected to go up by more than 100 points as long as it does not go below Monday’s low level. Short term trend continues to remain positive and stop loss may be continued at 8320 (on close basis). Nifty spot is expected to encounter resistance at 8470, 8505 and find support at 8390, 8355 for Tuesday. While global cues and funds flow are expected to guide the market basing on the market conditions. It may be expected to experience zigzag movements, on Tuesday, with alternate bouts of bullishness and bearishness. – Dr B Amaranatha Sastry
