Nifty tests 3300 in early trade: HCL Tech, DLF, Axis Bk up
Published on Mon, Apr 06, 2009 at 09:56 | Source : Moneycontrol.com
Updated at Mon, Apr 06, 2009 at 10:48
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Nifty tests 3300 in early trade: HCL Tech, DLF, Axis Bk up
The markets opened on a strong note. The Sensex was trading over the 10600 mark and the Nifty tested the 3300 mark in the early trade. Stocks like HCL Tech, DLF, Axis Bank, HDFC, PNB and Reliance Infra were among the major gainers.
The markets opened on a strong note. The Sensex was trading over the 10600 mark and the Nifty tested the 3300 mark in the early trade. All sectoral indices were trading in the green. The BSE realty index outperformed the other sectoral indices; it was up over 5%. Strong buying interest was also seen in bank metal, power, oil & gas, IT and auto stocks.
Stocks like HCL Tech, DLF, Axis Bank, HDFC, PNB and Reliance Infra were among the major gainers.
At 9.56 hrs IST, the Sensex was up 290 points at 10647, and the Nifty was up 91 points at 3302.
Deepak Chhabria, Collins Stewart said the upward momentum looks intact unless there is fresh negative news. The Nifty can go up to 3700-3800 levels over the next few weeks. Liquidity is coming back due to the momentum & we remain cautiously optimistic.
Global cues
Asian markets were trading higher. Hang Seng was up 3.37%, Nikkei gained 2.29%, Straits Times rose 2.26%, Taiwan was up 1.52% and Seoul Composite added 2.36%.
The US markets closed the week on a positive note. The Dow posted its biggest four week gain in 75 years.
The March unemployment rate jumped to the highest level since 1983. The economy lost 663,000 jobs; posting a jobless rate of 8.5%, treasuries slumped after the jobs report was better than economists' forecast. The benchmark 10-year note yields rose to 2.89%.
