MUMBAI: Key indices were firm after a gap-up opening Wednesday on the back of positive global cues. Traders picked up stocks at lower levels, especially from the metal and baking space.
The change in current sentiment was triggered by the European Central Bank’s move to inject $500 billion into financial markets to ease the credit crunch. The move, however, is only a temporary remedy analysts said, adding that today’s up-move is just a knee jerk reaction to it.
“I am still not comfortable with the market, as technical indicators like RSI, breaking of short-term trend line and the fact that we are trading below the 20 DMA, are all pointing towards more downside. I won’t be surprised if the market closes negative today. Resistance for the Nifty comes in the range of 5850-5870,” said Ankur Agarwalla, technical analyst at IDBI Capital.
At 11:20 am, the National Stock Exchange’s Nifty was up 73 points or 1.27 per cent at 5815.40, making a high 5840.80 and low of 5729.15.
The Bombay Stock Exchange’s Sensex was up 242 points or 1.27 per cent at 19,322.04. The index touched a high of 19,397.76 and low of 19,255.39 in trade so far.
Biggest index gainers were Reliance Energy (up 4.53%), ONGC (3.41%), ITC (2.5%), Tata Steel (2.41%) and ICICI Bank (2.26%).
Major losers were Bajaj Auto (down 0.57%), Grasim Industries (0.52%), HDFC (0.51%), Wipro (0.42%) and Bharti Airtel (0.27%).
Secondline shares outperformed the large-caps adding 2.53 per cent and 3.23 per cent to the BSE Mid-cap and Small-cap indices, respectively.
Elsewhere is Asia, the Hang Seng and Straits Times were up 0.90 per cent and 0.68 per cent, respectively, while the Nikkei 225was down 0.28 per cent.
The change in current sentiment was triggered by the European Central Bank’s move to inject $500 billion into financial markets to ease the credit crunch. The move, however, is only a temporary remedy analysts said, adding that today’s up-move is just a knee jerk reaction to it.
“I am still not comfortable with the market, as technical indicators like RSI, breaking of short-term trend line and the fact that we are trading below the 20 DMA, are all pointing towards more downside. I won’t be surprised if the market closes negative today. Resistance for the Nifty comes in the range of 5850-5870,” said Ankur Agarwalla, technical analyst at IDBI Capital.
At 11:20 am, the National Stock Exchange’s Nifty was up 73 points or 1.27 per cent at 5815.40, making a high 5840.80 and low of 5729.15.
The Bombay Stock Exchange’s Sensex was up 242 points or 1.27 per cent at 19,322.04. The index touched a high of 19,397.76 and low of 19,255.39 in trade so far.
Biggest index gainers were Reliance Energy (up 4.53%), ONGC (3.41%), ITC (2.5%), Tata Steel (2.41%) and ICICI Bank (2.26%).
Major losers were Bajaj Auto (down 0.57%), Grasim Industries (0.52%), HDFC (0.51%), Wipro (0.42%) and Bharti Airtel (0.27%).
Secondline shares outperformed the large-caps adding 2.53 per cent and 3.23 per cent to the BSE Mid-cap and Small-cap indices, respectively.
Elsewhere is Asia, the Hang Seng and Straits Times were up 0.90 per cent and 0.68 per cent, respectively, while the Nikkei 225was down 0.28 per cent.
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