Market rings in New Year with style, Sensex soars 339 pts
on right course of recovery. Reforms, passing of few important bills, huge FII inflow have kept market ticking on upside. Expected rate cut is keeping the hope
alive.
However after a vertical run from 4500 to 6000 plus I do not think to the journey is smooth as large section of the media believes. I see Nifty at the most can test 6130 6150 in this settlement and not beyond that," Mr. Kishor Ostwal, CMD, CNI Research Ltd said.
"If Nifty falls below 6000 then we can see Nifty tailing back all the way to 5850 - 5820 which should be a shock for traders. Earning season is starting from 11th of Jan and there may be cases of some out performances. Since stock market fully factors in the results the stock prices corrects only on sharp disappointments and rise only on extra ordinary out performance," he added.
Overall, 26 out of 30 sensex-based scrips closed with sharp to moderate gains while others finished with losses.
ONGC was the top gainer with a rise of 7.11 pct followed by BHEL 6.57 pct, GAIL India 5.40 pct, SBI 4.50 pct, ICICI Bank 3.50 pct, Dr Reddy's Lab 3.38 pct, Bajaj Auto 3.17 pct, Wipro 3.07 pct, Maruti Suzuki 2.92 pct, Jindal Steel 2.82 pct,
Bharti Airtel 2.75 pct, Sterlite Ind 2.65 pct, TCS 2.54 pct, HUL 2.51 pct, Coal India 2.50 pct, RIL 2.43 pct, Hindalco 2.43 pct, Tata Motors 1.82 pc, M&M 1.69 pct and Tata Steel 1.18 pc.
Among sectoral indices,
