Nifty
opened better and went up further to gain more than 1% and closed at
the highest level making another record high. The week started off on
a positive and can be expected to close positive for the week and the
stop loss may be continued at 8050 (on close basis). Nifty spot
is expected to encounter resistance at 8215, 8250 and find support at
8135, 8100 for Tuesday. While Global cues and Funds flow
are expected to broadly guide the market movement, based on the
present market position, market can be expected to be beter in
midsession and trade in a zigzag manner thereafter.
BULLRUN CONTINUES...AGAIN ON NEW PEAKS
After
a short breather, Sensex and Nifty today scaled new peaks by surging
293 points and 87 points respectively as overseas funds increased
bets on growth optimism and a lower oil price gave a boost to
sentiments. In step with the rise in broader equity indices after two
straight sessions of decline previously, rupee also firmed up and hit
60.19 levels against the US dollar. The benchmark S&P BSE
Sensex today resumed strong on the back of rally on Wall Street last
Friday. It gradually moved up further to an intra-trade peak of
27,354.99 before logging a life-time closing high of 27,319.85 - a
rise of 293.15 points or 1.08 per cent. In previous two sessions, it
had fallen by 113.33 points or 0.42 per cent. Today it surpassed its
previous all-time intra-day peak of 27,225.85 and closing high of
27,139.94 hit on September 3. Among Sensex stocks, Hindalco stole the
show, rising by 3.49 per cent. Overall, 26 Sensex stocks ended
higher. Gainers included Axis Bank, Bajaj Auto, HDFC Bank, Infosys
and ONGC.
The broad-based 50-issue CNX Nifty of the NSE also
commenced higher and rallied further to hit a new intra-day peak of
8,180.20 before recording new closing high of 8,173.90, up 87.05
points or 1.08 per cent. It also surpassed previous all-time
intra-day peak of 8,141.90 and closing high of 8,114.60 hit on
September 3. "FII buying in equity segment and easing crude oil
prices further boosted market sentiment. Almost all sectors saw
buying interest, as hopes for implementation of better reforms by new
government keeps the market spirit high," said Nidhi Saraswat,
Senior Research Analyst, Bonanza Portfolio. Oil & gas shares
were at the forefront. Brent crude for October lost 46 cents to USD
100.31 in afternoon trade after subdued US jobs data fuelled demand
concerns and on a cease-fire between Russia and Ukraine. A lower
crude price will help India, which imports about 80 per cent of oil
needs, to contain CAD and fiscal deficit. Persistent foreign fund
buying is the force behind the rally. Data showed FPIs/FIIs bought
shares worth Rs 4,813.38 crore last week, including September 5
provisional data. Buying was seen in most sectors, as 11 out of 12
sectoral indices gained between 0.26 per cent and 1.79 per cent.
Oil&Gas, FMCG, Bankex, Metal and IT shares took the lead.
Smallcap and midcap shares saw heavy buying as well. Equity brokers
said after two days of consolidation, activity gathered momentum
ahead of key macro economic data releases, including IIP and
inflation, later this week.
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