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Markets at 2-year HIGH

This article was posted on Jul 22, 2010 and is filed under Market Outlook

Nifty after struggling for almost 10 days, finally manged to cross 5400, and gave a close at its 22-month high ending at 5442, Sensex closed at 18,113, up 135 points.

It was also the highest closing for the 50-share index since February 2008 Indian stock indices ended near the day’s highs on Thursday, with the BSE Sensex and the NSE Nifty surpassing 18,000 and 5,400.

Metals, auto and FMCG stocks led the recovery. FMCG, Realty, PSU, Capital Goods and Banking stocks also saw some recovery

BSE Midcap Index closed 0.41 per cent higher and BSE Smallcap Index moved up 0.27 per cent.

Amongst the sectoral indices, BSE Metal Index advanced 1.28 per cent, BSE Auto Index gained 1.24 per cent and BSE FMCG Index moved 0.93 per cent higher.

Markets opened negative, but, but later rebounded a day ahead of 91 European bank stress test. Also the US futures pointed towards a higher opening for the Dow, Nasdaq. At 1530 IST, the FTSE 100 had rallied nearly 1% to 5,262. The CAC 40 had surged 1.6% to 3,548, and the DAX had rallied 1.4% to 6,075.

Among the Asian peers, the Hang Seng ended with a gain of 0.5% (102 points). The Shanghai and Straits Times were up 1% each. The Nikkei and Taiwan ended with losses of 0.5% each.

If Markets manage to hold above 5420 for 2-3 days time, then we move up to 5510+ levels.

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