Sensex closes higher on RIL, ONGC, Wipro, BHEL support
14 Jan 2010
The benchmark Sensex continued yesterday's late trade rally and closed the session on a positive note following upside in global markets. Buying in heavyweights like Reliance Industries, ONGC, Wipro, BHEL and NTPC kept the markets on the higher side throughout the session.
However, the profit booking was seen in banking and financials, FMCG, realty, auto, private power and select technology companies' shares, which capped the gains to major extent.
The markets started the day with a positive bias on good Asian cues. Shanghai rebounded with 1.35% gain, after Wednesday's 3% loss. Nikkei rose 1.6% and Taiwan Weighted gained 1.14%. Straits Times and Kospi went up 0.7-0.9%. However, Hang Seng fell just 0.15%. European markets were trading 0.5% higher while US index futures were flat, at the time of closing of Indian equities. US markets ended at fresh 15-month high on Wednesday.
The 30-share BSE Sensex closed at 17,584.87, up 75.07 points or 0.43% and the 50-share NSE Nifty rose 0.5% or 25.95 points, to settle at 5,259.90. The broader indices outperformed the benchmark indices; the BSE Midcap Index was up 0.86% and Smallcap up 1.2%.
Rahul Mohindar of viratechindia.com said the markets could surpass the intermediate highs. "We have broken out of that 5,250. I thought that we would have some trouble getting passed that resistance but it is heartening to see it go through. Heavyweights are definitely going to give the next 5-10% upside. So the index heavyweights look good, the fact that we are above 5,250 is a good thing. So all in all, one could trade the long side even now."
Oil & gas was the leading sector in today's gain. Reliance Industries and ONGC gained 3% each. HPCL, GAIL and IOC were up 0.5-1.3% while BPCL slipped 0.71%.
