The markets on Monday opened firm tracking strong Asian markets. Barring the initial dip in the first hour of trade, the indices remained buoyant through the trading sessions with every marginal decline being followed by sustained gains. The Sensex and Nifty ended with gains of around 3%. The BSE Bankex and BSE FMCG clocked major gains of 4% among the other sectoral indices. Key benchmark indices in Hong Kong, China, Japan, Singapore, South Korea and Taiwan were up by 0.4 - 4.45%. US equities had held steady on Friday after the poor showing in employment and despite worries about Banking sector earnings. Among the frontliners, ITC, HUL, Jaiprakash Associate, Ranbaxy Labs and ICICI Bank gained 5-6%, while Reliance Energy, Maruti Suzuki and Ambuja Cement lost ground by 0.3-1%. In the Mid-cap segment, Ashapura Minechem, Max India, Gujarat NRE Coke, Orchid Chemicals and Bilcare gained 8-19%, whereas Asian Star, Walchand Industries, Motilal Oswal, 3M India and Akruti City lost 4-9%.

The trend deciding level for the day is 4730 / 15644 NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally upto 4830 – 4899 / 15965 -16174. However, if NIFTY trades below 4730 / 15644 for the first half-an-hour of trade then it may correct upto 4660 / 15435. Read More.

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