The BSE 30-share Sensex rose 205.92 points or 1.13% to 18,506.82, its highest closing level since 27 January 2011. The index rose 231.71 points at the day's high of 18,532.61 in late trade. The Sensex lost 67.11 points at the day's low of 18,233.79 in morning trade. The S&P CNX Nifty rose 64.75 points or 1.18% to 5,546.45, its highest closing level since 27 January 2011. The Nifty hit high of 5,553 in late trade. The BSE Mid-Cap index rose 0.91% and the BSE Small-Cap index rose 0.94%. Both these indices underperfomed the Sensex.
The market breadth was strong. On BSE, 1681 shares advanced while 1126 shares declined and a total of 179 shares remained unchanged. Among the 30-member Sensex pack, 19 rose while the rest fell.
BSE clocked turnover of Rs 3302 crore higher than Rs 3094.03 crore on Wednesday, 16 February 2011. FOR DETAILS, READ HERE
VIEWS FROM DIFFERENT BROKING HOUSES:
FORTUNE FINANCIAL (Abhijit Chakraborty): “Pre-budget rally might take the Nifty to 5,600 and beyond”.
FORTUNE FINANCIAL (Abhijit Chakraborty): “Pre-budget rally might take the Nifty to 5,600 and beyond”.
CHARTPUNDIT.COM (Hemen Kapadia): “We have been down for four months, we are overdue for a bounce back and we should be around 5,800 to 6,000 on Nifty. I am not sure of 6,000 but more than 5,800 are possible before or after the budget”.
ICICI SECURITIES (Amit Gupta): “If you look at the initial upward move from 5170 onwards, we had short covering in the market but after that we have seen some good delivery-based buying also in the cash segment especially in the mid-cap space. So, I think before budget there is an induced buying happening in that particular segment”.
ANGEL BROKING HOUSE (Phani Sekhar): “Unless the market consolidates around 5500-5600 levels, the broader market sentiment won’t improve. It is not essential that the market rallies by 5% - 6% in a span of one week”.
MORGAN STANLEY PRIVATE WEALTH MANAGEMENT-INDIA (Gaurav Doshi): “Market consolidation is in the range of 5400 to 5500 and will set the market up for a rally to 5800 levels on the time near budget. It is good that the market has very low expectations from the budget”.
INDIAN INFOLINE (Amar Ambani): “Although we have recovered smartly after a three-week drubbing, doubts still persist about the continuation of the rally. The current consolidation may continue for a few days before the move towards 5,690. What happens after that is anybody`s guess. So, be careful and tread cautiously even as the bias remains positive for now”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened on a positive note and momentum on the upside gradually picked up which led the indices to close near days high. On the daily chart, after a breakout from the channel, prices have managed to close well above the 20-day EMA which suggests sign of strength. In coming trading session if indices trade convincingly above 18,550/5,560 levels then it may test 18,680/5,600 or extend their gains to 200day SMA at 18,770/5,635. On the downside, 18,354-18,240/5,500-5,465 may act as support for the day”.
GEOJIT BNP PARIBAS (Alex Mathews): “Overall sentiment remained positive as the market moved out of the consolidating phase towards the resistance of 5,550 and closed near to it. The strength shown by the markets today is expected to take them towards the 200 DMA of 5,632”.
BONANZA PORTFOLIO (Puneet Kinra): “After trading in range of 5,400-5,500 for last two trading sessions, Nifty broke the 5,500 resistance level and closed on a strong note. For daily purpose, the trend deciding level is at 5,550. If Nifty shows strength above 5,550 level, then rally to 5,575/5,625 levels may be seen. If Nifty does not show strength above 5,550 levels then selling till 5,500/5,475 may also be seen".
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade long if Nifty from 5,550, else from 5,520 for targets of 5,600 with a stop loss placed at 5,490 levels”.
