Again a strong rally was seen in markets today and bulls strike back hard posting a very decent gains on the index. Nifty started with a flat note today and struggled between the positive n negative zone for many times in the 1st hour. Soon we saw Nifty holding the support of 3330 and traded above the mark with good volumes. And in the mid sessions, Nifty started to climb higher and we saw a huge buying pressure beating the bears in the markets. We saw good accumulation in frontliners and banking and realty space. Even Metals shined today posting decent gains in individual stocks. Finally the smart bullrun closed the markets higher. Sens*x closed at 11135 posting a gain of 317 points and Nifty closed at 3424, around 93 points higher.
Nifty has closed above 200 DMA of 3395. Heavyweights like Wipro shot up 11%; Reliance Industries, Infosys, NTPC, ONGC, SAIL, ICICI Bank, TCS, SBI, L&T, Reliance Communication, BHEL, DLF and Tata Steel gained 2-9%. However, only Bharti, Unitech, Sun Pharma, ITC and ABB ended in the red. Metal stocks like JSW Steel, Tata Steel, SAIL, Sterlite, JSL, Jindal Steel and Hindalco gained 4-9%, which helped the respective Index to close at 7,086.02, up 5.2% or 350.14 points.
Inflation rised above at 0.26% for the week-ended April 11 compared to 0.18% (WoW). The Wholesale Price Index (WPI) for all commodities was up 0.3% at 228.8 (WoW). Inflation for the week-ended February 14 has been revised to 3.18% versus 3.36%. But the rise in Inflation did not affect the Bull Party.
Tomorrow, we expect markets to rally further again with huge volatility. Nifty levels and stocks to watch for tomorrow will be posted in Chat Room in the morning before markets open. Stay connected in the chat room.
CAclubindia
