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Mkts on high: Can the rally continue?
The markets snapped their five-session losing streak today. The Nifty, the Sensex and the broader markets posted good gains. The Nifty and the Sensex were up 1%. The broader market saw more green than red. All in all, it was a pretty quiet day on low volumes.
The markets snapped their five-session losing streak today. The Nifty, the Sensex and the broader markets all posted reasonable gains. They came off the high point of the day. But nonetheless, the Nifty and the Sensex were up 1%.
We started off on a good leg up coming in from the entire Asian basket, which chose to ignore the Wall Street cues from overnight. Markets like Shanghai saw hefty gains of 7-8%. But the volumes have dried up. It was almost 20% below average on a given day. We did just about Rs 52,000 crore to the total turnover.
Telecom and fertilisers looked very strong in trade today. A couple of the infrastructure stocks also held out. We saw standout performances from Reliance Industries and SAIL , which held out nicely. Among the Nifty losers were ONGC and Satyam .
The broader market saw more green than red. The market breadth was strong throughout the day with 871 stocks advancing and 371 declining. In terms of trading activity, we saw RNRL , IFCI , Ispat were all up and running not just in price movement but also in terms of volume participation there.
Banks were back in focus, and we saw a fair amount of activity there. Real estate saw some bit of buying interest. Capital goods and metals also looked strong in today's session. There was action seen in the broader universe in specific stocks like Global Vectra , Motilal Oswal , Insecticides India and Thomas Cook . All in all, it was a pretty quiet day on low volumes.
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