Markets to open with an upward gap on Monday
Brokers Outlook: Markets to open with an upward gap on Monday Sachin Chandsarkar, senior dealer, Karvy Stock Broking said that, currently the market is in a unchartered territory, nothing can be said about the market crossing the landmark of 17,000, though euphoria is already there for this level. He opined that, today (Sep.21) it was a Reliance Group day. Most of the company stocks were up by more than 20%. RNRL, RPL, Reliance Energy outperformed the markets today. RNRL gained almost 33%. Also, today the market touched its all time high of 16,564 mainly on the back of rumours that, the Finance Minister is soon going to announce an interest rate cut of 25 bps,most of the banks and realty stocks performed well on the bourses, due to the news. In the later half of the trading session, short covering pulled up the index to touch the new high. On Monday, he expects the markets to open with an upward gap, NSE Nifty by 30 to 50 points and BSE sensex by 60 to 100 points. He is bullish on banking sector and recommends Axis Bank, Bank of Rajasthan, CESC and Chambal Fertilizers. Rohit Mehta, Head Equities, Dimpi Investments stated that, the gap between large cap and midcap stocks is increasing, but small investors are still better off in large cap companies. He expects stock specific movement to happen on Monday`s trading session and rate sensitive sectors should be watched out. Auto and cement sector especially looks good. Commenting on market crossing another milestone of 17,000 he said, “market may in a very funny manner turnaround from 16,950 level or may cross 17,000 in a jiffy.“
