A good pull back over the last three trading sessions and a rally again for the fourth day today gives us a hope that the corrective phase may get over sooner than expected. The Bombay Stock Exchange benchmark Sensex, which had gained 713.39 points in last three trading sessions, climbed further by 142.70 points to 19,992.70 touching the day's high of 20,084.25 points. The Nifty rose by 50.80 points to 6,011.70 touching the day's high of 6,029.50.
The markets sentiments turned bullish on higher-than-expected GDP for the second quarter this fiscal, a rise in exports and a significant fall in food inflation. The realty sector which was beaten down after bribe-for-loan scam, was the best performer in the session. The investors did not lose the opportunity to add on to their portfolio fundamentally strong construction stocks available at quite attractive low levels.
The rally was further strengthened by a firming trend in the Asian region, with the MSCI Asia Pacific Index on course for its first weekly gain after declining for three straight weeks on concern that China will boost anti-inflation measures and amid rising tensions between North and South Korea. The European markets also opened higher today on the back of hopes of some solution to the euro debt crisis in ECB meeting today.
Stocks like Reliance Industries , Infosys Technologies , ICICI Bank , Wipro, Tata Motors and ONGC supported the uptrend today.
The markets sentiments turned bullish on higher-than-expected GDP for the second quarter this fiscal, a rise in exports and a significant fall in food inflation. The realty sector which was beaten down after bribe-for-loan scam, was the best performer in the session. The investors did not lose the opportunity to add on to their portfolio fundamentally strong construction stocks available at quite attractive low levels.
The rally was further strengthened by a firming trend in the Asian region, with the MSCI Asia Pacific Index on course for its first weekly gain after declining for three straight weeks on concern that China will boost anti-inflation measures and amid rising tensions between North and South Korea. The European markets also opened higher today on the back of hopes of some solution to the euro debt crisis in ECB meeting today.
Stocks like Reliance Industries , Infosys Technologies , ICICI Bank , Wipro, Tata Motors and ONGC supported the uptrend today.
This buying coming at lower levels indicates good strength in the markets but, still we cannot rule out minor corrections in the trading sessions in near future. These declines would be good opportunities to accumulate frontline stocks.
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