The bulls are sweating gains but show no signs of tiring as yet. The problem is no one knows when the direction will change. Ride the upside and use it to lighten positions gradually.

Indian markets extended its winning streak to third straight trading session with the NSE Nifty index ending above the 3200 mark for the first time since October 21, 2008. The BSE benchmark Sensex also ended above the 10,300 level.

The rally was led by Realty, Metals, Oil & Gas, Capital Goods and the Banking stocks. Also the second rung stocks participated in the upswing. However, the FMCG counters were under some pressure. Finally, the BSE Sensex advanced 193 points to close at 9,901 and the NSE Nifty was up 39 points at 3,060.

Among the 30-components of Sensex, 29 stocks ended in positive terrain and only Hindustan Unilever ended in the red. Among the top gainers were DLF, JP Associates, Tata Motors, RCom, ONGC and Hindalco.

Reliance Industries commenced production of gas from the Dhirubhai 1 and 3 discoveries of the KG-D6 block in the KG Basin, located off the East Coast of India, in the Bay of Bengal.

The stock advanced by 6% to Rs1674 after hitting an intra-day high of Rs1678 and a low of Rs1602 recording volumes of over 1.7mn shares on BSE.

Shares of Maruti Suzuki erased early gains and slipped lower by 1.7% to end at Rs780 recording volumes of over 0.2mn shares on BSE. The stock rose to hit an intra-day high of Rs832 as the company’s March sales rose 22% to 85,669 units as compared to 70,296 units in the same month last year.

The company’s local sales rose 14.6% to 73,855 units in the month of March and exports rose 101% to 11,814 units as compared to 5,875 units in the same month previous year.

Shares of Tata Motors rallied by over 13% to Rs202 after hitting an intra-day high of Rs207 and a low of Rs183 and recorded volumes of over 3.8mn shares on BSE.

The company’s sales of commercial vehicles in March 2009 in the domestic market were 29,006 nos., 24% higher than that in February 2009 but 19% lower than 35,993 vehicles sold in March 2008. M&HCV sales at 12,333 nos. reflect a 40% growth over February 2009, but 40% lower than March 2008. LCV sales at 16,673 nos. are 9% higher than March 2008.

The bulls are sweating gains but show no signs of tiring as yet. The problem is no one knows when the direction will change. Ride the upside and use it to lighten positions gradually. In the coming truncated week, unless the swings are wild on either side, retail investors may give the markets a near miss. Any sharp spurt could be used to book profits.

Tags: bse, bulls, market, nse, review

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