Sensex sees 5 straight days of rally, closes 102 pts up

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The market continued its upward journey for the fifth consecutive session on Monday, led by banks, capital goods and metals stocks. It started off with more than 200 points gains on the Sensex and even the Nifty was near to the 5400 mark.

However, the second half of trade was quite volatile due to fall in index heavyweight Reliance Industries. European markets also dampened the spirit of market a bit as Greek debt deal has not happened yet over the last weekend. France's CAC, Germany's DAX and Britain's FTSE were down 0.3-1%.

Back home, the BSE benchmark rose 102.35 points, to close at 17,707.31 after hitting an intraday high of 17,829.72 and low of 17,595.10. Meanwhile, the NSE benchmark gained 35.80 points to 5,361.65.

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Experts are cautious now as the market has been going in one way direction. The market rallied 15% since the beginning of 2012. Ambareesh Baliga, COO, Way2Wealth says, investors should wait for a while as he feels that it is a traders' market.

"No doubt we are in a bull market. Clearly that bearish phase is over but again it can't be a one way street. There has to be a decent correction."

Among banks, SBI climbed nearly 3% and ICICI Bank was up 1.4%. Capital goods majors L&T and BHEL moved up 2-3%.

Metal stocks like Jindal Steel, Hindalco and Sterlite Industries gained 1.6-3%. ITC, ONGC and Tata Motors among other largecaps were up around 1%.

Technology major TCS rose 2% as the company received order from France's Europcar.

However, HUL closed 3.5% higher, which rallied 1.5% after third quarter results. Tata Power retained its top position in the selling list, falling 4.4%.

Index heavyweight Reliance Industries fell 0.6%.

The broader markets outperformed benchmarks - the BSE Midcap and Smallcap indices were up more than a percent. Advancing ones outnumbered declining by 1856 to 1047 shares on the BSE.