Sensex ends 474 pts up; infra, banks lead
It was a party time for the bulls on Dalal Street on Monday following the continuation of Friday's uptrend, particularly after getting slaughtered in previous few sessions.
February 14, 2011 / 16:43 IST
It was party time for the bulls on Dalal Street on Monday following the continuation of Friday's uptrend, particularly after getting slaughtered in the previous few sessions. The benchmark Nifty closed above the 5400-mark for the first time in the last eight sessions, which could have been led by value buying as well as short covering. Global cues too were quite supportive after concerns in Egypt eased.
It seems that the market has priced-in all negatives for the time being. There is a general feeling that the Nifty may have bottomed out at the 5200 level. Investors have probably started taking fresh positions ahead of the budget.Ambareesh Baliga of Karvy Stock Broking said that the markets may touch around 5,500-5,600 because this bounceback will also tally with a sort of a pre-budget rally. He also feels that the midcaps which had fallen nearly 40-50% may see better bounceback.Dilip Bhat, Joint MD of Prabhudas Lilladher feels that 5100-5200 would be the bottom for the time being. "This rally is more of a bounceback because there are a lot of events which are coming and some of them will have an overwhelming impact. There is a budget, RBI announcements coming in the second half of March and of course not to forget the fact that 44% of the total deposits collected by the banks last year." He said he would be a little more comfortable, maybe more after March 15 and March 30 if he wants to do any meaningful investments or buying in this particular environment.Rahul Chadha of Mirae Asset said the market would look at the deficit in the budget, government
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