The market started off with a gap-up on Friday's rally in the US markets and the rally in the European markets over the weekend, explains CNBC-TV18, managing editor, Udayan Mukherjee.
The 50-point gap-up was built upon during the course of the day and the market went very close to 5,300. Though there was a little bit of profit-taking towards the end, the market still closed almost at the day's high of around 5,280.
Global markets also remained quite stable. European markets were fine and on close of trade, Asian markets went up quite substantially in the morning. The rupee also strengthened to around close to 55.50 to the dollar. So the market closed on good cues and on the back of global triggers.
But today's rally was led by Reliance, which is a departure from the trend seen in the past. I don't remember the last time when Reliance went up nearly 6% and pulled the Nifty along with it.
But today's Nifty rally had a lot to do about Reliance. Other stocks which helped include Tata Motors, L&T, JP Associates and a few private banking stocks like Axis, Kotak Mahindra and ICICI.
The broader market also looked fine. There were a few sparklers like SKS Micro, Wockhardt and Essar Shipping in reaction to positive results. A lot of the sugar stocks like Renuka and Balrampur continued to rally.
All the ADAG stocks - RComm, Reliance Capital and Reliance Infra- were up today and stocks like REC, Jain Irrigation, Sun TV, Dishman Pharma and Bombay Dyeing also looked very good.
So today, the market had a good, stable and steady session. Analysts and observers are keen on watching how the market will move to 5350 and negotiate a level of resistance.
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