MUMBAI: After scaling new highs at start of the session, frontline shares ended with minimal gains on Tuesday. The optimism in large-caps, which began early this year, has seen the benchmarks crossing resistances in four out of seven sessions in the New Year.
The momentum, which is currently showing no signs of let up, is on account of earnings season and the much awaited Reliance Power IPO due to hit the market next week, analysts said. However, one cannot ignore the intraday volatility and slight nervousness at higher levels.
"As of now, the trend is positive, but traders are cautious at higher levels. We have seen a runaway rally over the past few days, and given the momentum, there is room for further upside," said Arun Kejriwal, director of Kejriwal Investment Services.
Bombay Stock Exchange's Sensex made a strong opening and crossed the 21,000 mark early. However, it failed to sustain the higher level and gave in to profit booking to settle at 20,873.33, up 60 points or 0.29 per cent from Monday's close. The index touched a high of 21,077.53 and low of 20,696.60 and swung around 380 points intraday.
National Stock Exchange's Nifty ended at 6287.85, up 9 points or 0.14 per cent. It touched an all-time high of 6357.10 intraday, and a low of 6221.60.
Major index gainers were Bharti Airtel (up 4.01%), HDFC Bank (3.58%), Satyam Computer (2.67%), State Bank of India (2.59%), Mahindra & Mahindra (2.41%), Reliance Communications (1.8%) and ONGC (1.69%).
Hindalco Industries (down 3.78%), Tata Steel (3.66%), Grasim Industries (3.26%), Maruti Suzuki (2.43%), ICICI Bank (2.23%) and ACC (1.65%) were the losers.
Investors also booked profits in mid-cap shares, which have had a sharp run up over the past two months. The BSE Mid-cap Index ended down 2.82 per cent at 9,817.07, while CNX Mid-cap Index lost 2.46 per cent at 9417.50.
Market breadth also remained weak with 2,369 declining shares against 541 advancing ones on BSE.
The momentum, which is currently showing no signs of let up, is on account of earnings season and the much awaited Reliance Power IPO due to hit the market next week, analysts said. However, one cannot ignore the intraday volatility and slight nervousness at higher levels.
"As of now, the trend is positive, but traders are cautious at higher levels. We have seen a runaway rally over the past few days, and given the momentum, there is room for further upside," said Arun Kejriwal, director of Kejriwal Investment Services.
Bombay Stock Exchange's Sensex made a strong opening and crossed the 21,000 mark early. However, it failed to sustain the higher level and gave in to profit booking to settle at 20,873.33, up 60 points or 0.29 per cent from Monday's close. The index touched a high of 21,077.53 and low of 20,696.60 and swung around 380 points intraday.
National Stock Exchange's Nifty ended at 6287.85, up 9 points or 0.14 per cent. It touched an all-time high of 6357.10 intraday, and a low of 6221.60.
Major index gainers were Bharti Airtel (up 4.01%), HDFC Bank (3.58%), Satyam Computer (2.67%), State Bank of India (2.59%), Mahindra & Mahindra (2.41%), Reliance Communications (1.8%) and ONGC (1.69%).
Hindalco Industries (down 3.78%), Tata Steel (3.66%), Grasim Industries (3.26%), Maruti Suzuki (2.43%), ICICI Bank (2.23%) and ACC (1.65%) were the losers.
Investors also booked profits in mid-cap shares, which have had a sharp run up over the past two months. The BSE Mid-cap Index ended down 2.82 per cent at 9,817.07, while CNX Mid-cap Index lost 2.46 per cent at 9417.50.
Market breadth also remained weak with 2,369 declining shares against 541 advancing ones on BSE.
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