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Bull stop likely

This article was posted on Jan 5, 2009 and is filed under Market Outlook

After surging past the 3100 levels, markets would carry forward the momentum atleast in the morning trades on Tuesday. However, profit booking at higher levels cannot be ruled out. Markets extended gains for third straight trading session in the year as bulls were in complete control over the bourses. Firm cues from the international equity markets further boosted the sentiments on Dalal Street. Buying was witnessed in the metals’, oil & gas, banking and capital goods stocks which saw the NSE Nifty and the BSE Sensex end above the 3,100 and the 10,200 mark. However, the realty and the FMCG stocks witnessed some offloading.

Finally, the BSE benchmark Sensex ended at 10,275 surging 317 points and the NSE Nifty index ended at 3,121 up 74 points.

Among the BSE Sectoral indices BSE Metal index (up 6.2%), BSE Oil & Gas index (up 5.5%) and BSE Bankex index (up 3.5%). On the other hand BSE Realty index slipped 0.7% and the BSE FMCG index (down 0.5%).

Market breath was positive, 1,661 stocks advanced against 878 declines, while, 74 stocks remained unchanged.

Among the 30-components of Sensex, 23 stocks were in the positive terrain and only 7 stocks ended in the red.

Shares of GTL Ltd surged by over 5% to Rs217 after the company announced that it plans to consider share buyback on January 15, 2009. The scrip touched an intra-day high of Rs228 and a low of Rs206 and recorded volumes of over 1,00,000 shares on BSE.

Ahluwalia Contracts was locked at 5% upper circuit to Rs33.7 after the company announced that it won order worth Rs3.94bn. The scrip touched an intra-day high of Rs33.7 and a low of Rs33.7 and recorded volumes of over 55,000 shares on BSE.

Satyam Computer slipped by 6% to Rs166. According to reports, the company is exploring a merger with HCL Technologies and MindTree. HCL, with whom discussions are on for a cash-less merger. The scrip touched an intra-day high of Rs181 and a low of Rs161 and recorded volumes of over 1,00,00,000 shares on BSE.

Shares of Emami ended lower by 3% to Rs218. According to reports, the company plans to hive off Zandu Chemicals, a subsidiary of Zandu Pharma. The scrip touched an intra-day high of Rs230 and a low of Rs202 and recorded volumes of over 4,000 shares on BSE.

After surging past the 3100 levels, markets would carry forward the momentum atleast in the morning trades on Tuesday. However, profit booking at higher levels cannot be ruled out.

source: Indiainfoline

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