"If you are not willing to risk the unusual, you will have to settle for the ordinary." - Jim Rhon
It was a lovely day for the equity markets as bulls extended the relief rally to a second consecutive trading session on the back of all-round buying. With this, the NSE Nifty has managed to recover over 5% in just two days, ending above 5,450 today. On the other hand, the BSE Sensex managed to recapture the 18,000 levels. Today’s rally was led by Capital Goods, Auto, Metals and Banking stocks. The Mid-Cap and Small-Cap index outperformed the benchmark indices as investors snapped up stocks that had been battered in the recent slide.
Firm global cues, exit of Egypt’s autocratic ruler Hosni Mubarak and the subsequent drop in oil prices helped lift market sentiment today. If it wasn’t for subdued oil & gas heavyweights - RIL and ONGC - the Sensex and Nifty would have seen bigger gains. Separately, the markets chose not to react to the January inflation numbers.
At the close, the benchmark 30-share index, BSE Sensex added 473.59 points or 2.67% at 18,202.20 with 29 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 146 points or 2.75% at 5,456.00 with 48 components registering rise.
FOR TODAY: EU and US markets ends mixed since there was no major news/trigger at present. All Asian markets are also trading mixed today morning. SGX Nifty is trading around 5457, 2 points up and indicating Nifty may open around 5460-5469 area and try to cover the most important area 5477. If Nifty trade above 5490 with volume, we may see 5500-5540 today. Above 5550, target will be 5600 for this upmove. On the downside, if Nifty does not show strength above 5450-5460, selling pressure may be seen till 5400-5377.
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