Editor's Pick
Bharti Airtel Ltd.
BSE
356.00
8.10(2.33%)
Vol: 57934 shares traded
NSE
355.75
7.90(2.27%)
Vol: 1270406 shares traded
ET SPECIAL:
MUMBAI: The S&P BSE Sensex
witnessed a sharp upmove after a tepid start led by banks and breached
21,000 level for first time since November 2010. The benchmark is also
Asia’s best performing index. The benchmarks snapped two-day fall and
hit fresh highs of 2013.
"Reflation trades should work as a result of Fed policy and a possible resurgence of global growth. In this eventuality, equities should outperform bonds, high beta should outperform low beta, emerging markets should outperform developed markets, and cyclical sectors should outperform defensive sectors," said Bob Doll of Nuveen Asset Management.
At 09:40 a.m.; the 30-share index was at 21,008.93, up 241.05 points or 1.16 per cent. It touched a 52-week high of 21,012.68 and an intraday low of 20,750.98 in trade so far.
The Nifty was at 6,234.35, up 56 points or 0.91 per cent. The index touched 52-week high of 6,236 and a low of 6,162.60 in trade today.
“On the daily, chart, we are now observing that yesterday's low of 6,116 precisely coincides with the 'Trend Line' support level. Hence, going forward, yesterday's low would act as a key support level. A sustainable move below this level may lead to a correction towards 6,070 – 6,032 levels. On the flip side, the major resistance remains at the 6,230 mark,” said Angel Broking in a note.
“Any sustainable move above this level would negate all near term as well as intermediate term possibilities of weakness in the market. As a result, the index may get pushed towards 6,339 – 6,357 levels and the possibility of a new all-time high cannot be ruled out,” the report added.
Top Sensex gainers included ONGC (up 2.3 per cent), Bharti AirtelBSE 2.33 % (up 1.8 per cent), Sesa Sterlite (up 1.8 per cent), ITC (up 1.7 per cent) and Hindalco (up 1.6 per cent).
There was no index loser.
The market breadth was positive on the NSE with 788 gainers against 282 losers.
The foreign institutional investors bought shares worth Rs 644.8 crore while domestic institutional investors were net sellers worth Rs 545.57 crore on Wednesday as per the provisional data from the National Stock Exchange.
The Asian markets were down on profit booking led by Japan's Nikkei on concerns over China's economic outlook. Japan's Nikkei 225 index was 0.42 per cent lower, Hong Kong's Hang Seng index was down 0.80 per cent, Strait Times declined 0.12 per cent and Taiwan Wieghted slipped 0.15 per cent.
"Reflation trades should work as a result of Fed policy and a possible resurgence of global growth. In this eventuality, equities should outperform bonds, high beta should outperform low beta, emerging markets should outperform developed markets, and cyclical sectors should outperform defensive sectors," said Bob Doll of Nuveen Asset Management.
At 09:40 a.m.; the 30-share index was at 21,008.93, up 241.05 points or 1.16 per cent. It touched a 52-week high of 21,012.68 and an intraday low of 20,750.98 in trade so far.
The Nifty was at 6,234.35, up 56 points or 0.91 per cent. The index touched 52-week high of 6,236 and a low of 6,162.60 in trade today.
“On the daily, chart, we are now observing that yesterday's low of 6,116 precisely coincides with the 'Trend Line' support level. Hence, going forward, yesterday's low would act as a key support level. A sustainable move below this level may lead to a correction towards 6,070 – 6,032 levels. On the flip side, the major resistance remains at the 6,230 mark,” said Angel Broking in a note.
“Any sustainable move above this level would negate all near term as well as intermediate term possibilities of weakness in the market. As a result, the index may get pushed towards 6,339 – 6,357 levels and the possibility of a new all-time high cannot be ruled out,” the report added.
Top Sensex gainers included ONGC (up 2.3 per cent), Bharti AirtelBSE 2.33 % (up 1.8 per cent), Sesa Sterlite (up 1.8 per cent), ITC (up 1.7 per cent) and Hindalco (up 1.6 per cent).
There was no index loser.
The market breadth was positive on the NSE with 788 gainers against 282 losers.
The foreign institutional investors bought shares worth Rs 644.8 crore while domestic institutional investors were net sellers worth Rs 545.57 crore on Wednesday as per the provisional data from the National Stock Exchange.
The Asian markets were down on profit booking led by Japan's Nikkei on concerns over China's economic outlook. Japan's Nikkei 225 index was 0.42 per cent lower, Hong Kong's Hang Seng index was down 0.80 per cent, Strait Times declined 0.12 per cent and Taiwan Wieghted slipped 0.15 per cent.
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Naresh kr pg 1st
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