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Moneycontrol.com >> Message Board >> View Messages >> Market Outlook - Short Term
   You are here :     Moneycontrol     MMB    Market View      Market Outlook - Short Term                         Most active discussions of 2006 , 2007 & 2008
Bulls get the vote of confidence :) (1)   23-Jul-08 09:03Tracked by (0)  
Posted by:   latikav on ( 23-Jul-08 09:03 )
Bulls finally got what they wanted. With the UPA governing winning the vote of confidence, bulls are set to tighten their grip on the market. Marketmen who were pinning their hopes on the survival of the government are likely to celebrate the development with a rally on Wednesday.

"We expect that there will be a gap in opening tomorrow. People who had been sitting on the fringes will surely buy, pushing up the indices. The trust vote will repose the trust of marketmen. However, it will be wrong to say that the markets will start a bull run from here. Markets may see an uptrend of 600 to 800 points tomorrow," said Ambareesh Baliga, vice president, Karvy Stock Broking.

Anticipating the survival of the government, the market has climbed for four days in a row, taking gains over the period to 1,529 points or 13.7 per cent.

"The victory for the government in the vote of confidence will boost the market morale. The government can take some hard decisions on the economic front and take the reforms forward now. It doesn't have to worry about Left parties now," said BSE dealer Pawan Dharnidharka.

Earlier in the day, the Sensex ended with smart gains for the fourth consecutive session in a row on expectations that the UPA government will win the trust vote in the Parliament. The 30-share BSE Sensex advanced 254.16 points or 1.84 per cent at 14,104.20. The broad-based S&P CNX Nifty advanced 80.6 points or 1.94 per cent at 4240.10. The market, which had turned volatile in the second half of trading session on account of weak global cues, firmed up in the late trade again on all round buying support. All the sectoral indices on BSE, barring the auto index, ended in green.

"The market seemed sure that the Government will survive the trust vote. Markets can see a huge gap opening tomorrow," said P K Agarwal, president-research, Bonanza Portfolio. Market experts also sound a word of caution. "Bulls will rejoice a UPA win. Once the dust settles, the focus will turn to the fundamentals, which remain fragile," said an analyst with India Infoline.

Raging bulls all the way

•Sensex rises over 1,500 points, or 13.7%, in the last four days anticipating the survival of the government

•The index may gain further in the short-to-medium term

•But experts caution that though bulls will rejoice a UPA win, once the dust settles, fundamentals will be back in play

•Markets expect the govt to push forward key reforms in banking, insurance



(By ENS Economic Bureau)

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