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Markets extend gains led by financial shares

This article was posted on Mar 8, 2013 and is filed under Market News

BSE FMCG and Oil & Gas indices have surged by almost 2% followed by counters like Metal, PSU, Capital Goods, Banks, Power, Consumer Durable and Healthcare, all gaining by 1% each.

Benchmark indices have extended the gains in late noon trades, amid value buying at lower level and short covering by traders, led by financials.

By 1420, the Sensex was up 200 points at 19,614 and the Nifty has gained 63 points to 5,926.

Devangshu Datta, Technical Analyst says “Some selling pressure can be above 5910. Futures premium is at 15-20. Support at 5,880. Use that as stop loss if you go long. Upside could be till 5,945 if resistance at 5,915-5,920 is broken.”

On the global front, Japan’s Nikkei share average ended at a new 53-month high on Friday, as exporters and real estate shares rose helped by bullish U.S. data, a weakening yen, and ongoing optimism aggressive easing will soon be adopted by the Bank of Japan’s new leadership.

The Nikkei advanced 2.6 percent to 12,283.62, its highest closing level since September 2008. For the week, the index gained 5.8 percent, the biggest weekly gain since December 2011.

For more visit: Business Standard

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