Indices chalked up healthy gains on the eve of Christmas Monday as positive vibes from global shores cheered the bulls. Leadership emerged from the information technology pack, and banking and oil gas counters also supported.
"The market had corrected sharply last week and we were waiting for positive global cues to kick-start an upmove. we have caught up with the strong rally in the global markets today," said technical analyst Sumeet Rohra.
"Once 6,012 on the Nifty is crossed decisively, we are headed towards newer highs –6100-6200 levels seem possible. Nifty has strong support at 5800-5900 levels," Rohra added.
The 50-share Nifty shied just 15 points from the 6,000 mark to close at 5985, up 219 points or 3.8 per cent from Friday's close.
The 30-stock Sensex settled at 19,854.12, up 691 points or 3.61 per cent, after hitting a high of 19,879 intraday.
The four IT majors, Wipro, TCS, Infosys, and Satyam, led the Sensex. Wipro gained the most (up 8.86%), followed by Infosys (6.63%), Satyam (6.28% ) and TCS (6.07%).
Wipro shares spearheaded the IT rally on reports that India's third-biggest software exporter is expected to bid for Capgemini by January end, in a deal valuing the French firm around $7 billion.
Other significant gainers in the 30-share pack were HDFC and Reliance Energy (both up 6%), BHEL (5.08%), Bharti Airtel (6.07%), and Mahindra & Mahindra ( 4.85%).
Bajaj Auto (down 2.85%) was the only big loser, while ACC (0.08%) and Maruti Suzuki (0.18%) ended flat.
Market breadth on BSE showed 1,966 advances and 941 declines, while on NSE, 893 shares gained and 323 lost.
"Generally, global markets are buoyant during this time of the year. The Christmas rally has begun, and the Indian market, taking cues from global shores, is likely to end the year on a flamboyant note," said Rohra.
"The market had corrected sharply last week and we were waiting for positive global cues to kick-start an upmove. we have caught up with the strong rally in the global markets today," said technical analyst Sumeet Rohra.
"Once 6,012 on the Nifty is crossed decisively, we are headed towards newer highs –6100-6200 levels seem possible. Nifty has strong support at 5800-5900 levels," Rohra added.
The 50-share Nifty shied just 15 points from the 6,000 mark to close at 5985, up 219 points or 3.8 per cent from Friday's close.
The 30-stock Sensex settled at 19,854.12, up 691 points or 3.61 per cent, after hitting a high of 19,879 intraday.
The four IT majors, Wipro, TCS, Infosys, and Satyam, led the Sensex. Wipro gained the most (up 8.86%), followed by Infosys (6.63%), Satyam (6.28% ) and TCS (6.07%).
Wipro shares spearheaded the IT rally on reports that India's third-biggest software exporter is expected to bid for Capgemini by January end, in a deal valuing the French firm around $7 billion.
Other significant gainers in the 30-share pack were HDFC and Reliance Energy (both up 6%), BHEL (5.08%), Bharti Airtel (6.07%), and Mahindra & Mahindra ( 4.85%).
Bajaj Auto (down 2.85%) was the only big loser, while ACC (0.08%) and Maruti Suzuki (0.18%) ended flat.
Market breadth on BSE showed 1,966 advances and 941 declines, while on NSE, 893 shares gained and 323 lost.
"Generally, global markets are buoyant during this time of the year. The Christmas rally has begun, and the Indian market, taking cues from global shores, is likely to end the year on a flamboyant note," said Rohra.
No comments:
Post a Comment