It was a big day for market as benchmark indices saw a meaningful recovery after many many days by gaining nearly 2%. The FIIs were net buyers with investment worth Rs 538.71 Cr (prov. cash market fig).
At the close, the benchmark 30-share index, BSE Sensex added 358.69 or 1.98% at 18,449.31 with 29 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 94.75 or 1.74% at 5,526.75 with 45 components posting rise.
Food inflation soared to 17.05% but the market completely shrugged the inflation data numbers and marched ahead.
The next major trigger for the stock market is Union Budget 2011-2012. The government may also announce some populist measures in the Budget given that assembly elections are due in Kerala, Tamil Nadu, West Bengal and Assam. In all these states, the Congress is potentially looking to regain power or to retain it.
FOR TODAY: It seems that market may consolidate between 5400-5600 for the time being. SGX Nifty is trading around 5526, down 12 points indicating Nifty may open between 5520-5533. The trading range probably between 5490-5585.
WATCH ONGC.....8TH FEBRUARY IS THE EX-DATE FOR BONUS (1:1) AND SPLIT (RS. 10 TO RS. 5)
