Oct 10, 2008

Sensex closes above 13k after a volatile session Markets closed with gains for the second consecutive day.

01 Oct 2008 | 18:34
Sensex closes above 13k after a volatile session Markets closed with gains for the second consecutive day.

Sensex closes above 13k after a volatile session Markets closed with gains for the second consecutive day. It was however a volatile session which saw the markets in negative territory in the morning session. Volumes were low. The recovery came on the hope that the US Congress will clear the bailout package.

While the Sensex finally closed 195.24 points or 1.52% higher at 13,055.67, the Nifty gained 29.55pts or 0.75% to close at 3950.75. The broad market indices also ended higher as the BSE Midcap and Smallcap indices gained 0.54% and 0.53% respectively. Market breadth was positive as A/D ratio was
1.31:1 on the BSE. NSE cash turnover was Rs.10,793crs. Vs. Rs.14,794crs. on Tuesday.

Barring the BSE Realty and Oil and Gas indices, all the sectoral indices ended with gains. The top gainers were the BSE IT, Bankex, Consumer Durables and FMCG indices. The top gainers from the BSE-30 were Satyam, JP Associates, HDFC Bank, Grasim, Tata Power and Infosys. The top losers were L&T, DLF, Reliance and Tata Motors.

With the markets holding on to gains for the last two sessions, it remains to be seen if the markets can move further up. This would however depend on the global developments in the next few days. The long term trend nevertheless remains down and we remain open to the possibilities of the markets making new lows for this year. We recommend a cautious approach towards fresh positions.

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