Sensex ends 80 points up in see-saw trade; financials lead
28 Jun 2011
The 30-share BSE Sensex closed the session marginally higher amid a choppy trade on Tuesday. More importantly, it continued its uptrend for fifth consecutive session, aided by financial, capital goods, power, telecom and auto companies' shares.
The 50-share NSE Nifty rose 18.70 points, to end at 5,545.30 after trading in a range. However, the index touched the 5,500-mark during the day due to profit booking but immediately traders used a strategy of buy on declines. It seemed that all negative news already factored in and 5500 looks like a support today ahead of expiry on Thursday.
According to Atul Suri, trader at Rare Enterprises, the equity market, which has seen a surprised turnaround, is likely to see further upside in the coming days. He sees a significant roll up if Nifty crosses the 200 DMA of 5577.
''There is a certain amount of broader pullback that is happening and these levels of 5600 would be taken out when you start seeing fresh longs coming into the system,'' Suri explains.
The 30-share BSE Sensex went up 80 points, to close at 18,492. The index gained about 900 points since last Wednesday - i.e. in five days. Even foreign institutional investors, which were sellers in previous weeks, were net buyers in last two days - especially on the back of fuel price revision.
Dilip Bhat, Joint MD of Prabhudas Lilladher believes that some amount of foreign money which has come back in the last two days in a big way, probably that momentum may continue for a while right up to the mid of July. "So 5,700 still looks very achievable sometime by middle of July," Bhat said.
