Market maintains strength
Market maintains strength The BSE benchmark index, Sensex, maintained its strength in the previous trading hour. Sustained buying activity is being witnessed in pivotal stocks. Select stocks from auto, IT, banking advanced, while realty and cement stocks declined. BSE Sensex is trading at 17,140.11, up 218.72 points, while NSE Nifty is trading at 4,991.75, up 51.25 points (3.40 p.m).
The BSE Midcap declined 0.43%, while Smallcap rose 0.26%.
>Market analyst Ravindra Singh opined that going forward the market will move sideways with the immediate support level of Nifty being 4,878. If the Nifty does not sustain this level, the market may fall further.
“Profit booking will be seen if the support levels of 4878-4721 breaks. RIL is the major contributor in the market which led the ral ly. Hence it is important for RIL to maintain its strength, “ he added.
Singh feels that market is up due to overseas inflow of funds, however there is not much steam in the midcap stocks.
Out of the total 2,811 stocks traded at the BSE, 1,306 advanced, 1,433 declined while 72 remained unchanged.
Amongst sectoral indices, BSE Auto rose 1.01%, BSE IT rose 3.42% and BSE Bankex rose 0.98% and BSE Realty rose 1.10%.
Key gainers at the Sensex include Reliance Energy, which surged 8.34% to Rs 1,111.80, Infosys soared 5.10% to Rs 1,917.25 and ONGC increased 3.58% to Rs 970.20. Tata Steel, Cipla, Satyam, ACC, BHEL and Tata Motors also moved up.
Laggards at the BSE were HUL, which declined 2.69% to Rs 219.20, Ambuja Cement dropped 2.47% to Rs 144.00 and Reliance Comm dipped 1.01% to Rs 584.00. Bharti Airtel, Ranbaxy, Grasim, HDFC and Bajaj Auto also slipped.
