Nifty closes near 4940
The markets ended the week with marginal gains but managed to stay above the 16,700/4,950 levels. Buying was seen in realty, auto, telecom, oil marketing, cement and oil & gas shares. The BSE Sensex closed at 16,741 up 30 points after trading in the range of 16,765 – 16,610 and the Nifty gained 10 points at 4,976. Among the broader indices – the BSE Midcap Index was up 0.45% and Smallcap Index up 0.77%.
Biggest Nifty losers were Tata Motors (-8.02%), Ranbaxy Laboratories (-5.28%), Punjab National Bank (-3.52%), Siemens (-3.29%) and Sterlite Industries (-3.26%). Bharti Airtel (2.71%), Reliance Communications (1.52%), ONGC (1.35%) and GAIL (0.94%) posted modest gains.
It is a strong weekly closing for the markets as the benchmark indices ended UP almost 3% above the previous week closing. The structure continues to be positive as there is huge buying interest coming at higher levels and we don’t see any sign of topping out yet. 4,940 will act as a support for intraday if this breaks then 4,890 or 4,840. So be cautious while making fresh commitments at higher level and play safe keeping a strict stop-loss.
The markets ended the week with marginal gains but managed to stay above the 16,700/4,950 levels. Buying was seen in realty, auto, telecom, oil marketing, cement and oil & gas shares. The BSE Sensex closed at 16,741 up 30 points after trading in the range of 16,765 – 16,610 and the Nifty gained 10 points at 4,976. Among the broader indices – the BSE Midcap Index was up 0.45% and Smallcap Index up 0.77%.
Biggest Nifty losers were Tata Motors (-8.02%), Ranbaxy Laboratories (-5.28%), Punjab National Bank (-3.52%), Siemens (-3.29%) and Sterlite Industries (-3.26%). Bharti Airtel (2.71%), Reliance Communications (1.52%), ONGC (1.35%) and GAIL (0.94%) posted modest gains.
It is a strong weekly closing for the markets as the benchmark indices ended UP almost 3% above the previous week closing. The structure continues to be positive as there is huge buying interest coming at higher levels and we don’t see any sign of topping out yet. 4,940 will act as a support for intraday if this breaks then 4,890 or 4,840. So be cautious while making fresh commitments at higher level and play safe keeping a strict stop-loss.
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on Oct 9th, 2009 and filed under
Business.
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