Apr 25, 2008

Indian Markets - Markets end the week on a high note as Sensex closes above 17k

25 Apr 2008 | 18:25 Markets end the week on a high note as Sensex closes above 17k

Markets end the week on a high note as Sensex closes above 17k The markets opened on a positive note and surged ahead post noon to close with strong gains. While the Sensex was up 404.90 points or 2.42% at 17,125.98, the Nifty gained 111.85 points or 2.24% to close at 5111.70.

Broad market indices under performed the frontline indices. While the BSE Midcap index gained 0.74%, the BSE Smallcap index lost 0.15%. The market breadth was negative, as A/D ratio was 0.9:1 on the BSE. NSE cash turnover was Rs.14,157.78crs. Vs. Rs. 15,547.23cr yesterday.

All the BSE sectoral indices ended with gains. The BSE Bankex and TECk surged more than 3%. This was followed by the BSE Metal and Oil & Gas indices. Gainers from the index pivotals included Bharti Airtel, Rel Comm, ICICI Bank, HDFC, Rel Energy and SBI. Losers included ACC, Maruti Suzuki, DLF, Cipla and Infosys.
The bulls seem to be in control as the main indices have closed above some key resistances. We recommend a selective buying approach as the trend continues to remain up. Any declines may be used to buy even more aggressively.

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