Apr 15, 2008

Indian Markets on 9 April 2008 - Markets end on a healthy note

Markets end on a healthy note

Markets opened lower this morning on the back of weak global cues and traded in a range for the first part of the day. However in the afternoon session the momentum picked up and markets gradually moved up to close with strong gains. While the Sensex was up 202.89 points or 1.30% at 15,790.51, the Nifty gained 37.40 points or 0.79% to close at 4747.05. The broadmarket indices also participated in the rally as the BSE Midcap and Smallcap indices gained 1.39% and 1.62% respectively. The market breadth was positive as A/D ratio was 2.3:1 on the BSE. NSE cash turnover was Rs. __ cr vs Rs.12,340.19 cr yesterday.

Barring the BSE FMCG and Realty indices, all the Sectoral indices ended with gains. The BSE Bankex, Power and Capital Goods indices surged 3.01%, 2.74% and 2.66% respectively. Gainers from the index pivotals included HDFC Bank, HDFC, Bhel and Tata Steel. Losers included Maruti Suzuki, HUL, Bharti Airtel and TCS.

Today's upmove was accompanied with broad market participation which augurs well for the upmove to continue. The Nifty would gain upside momentum once the 4800 resistances are crossed convincingly. We recommend a selective buying approach.