Posted By : Kishore B.S
After the dramatic fall yesterday where the indices lost around 1.5%, and most of stocks beaten down with the sentiments bearish due to the higher Inflation numbers, nobody would have thought or guessed that the Markets would bounce back with vengeance today.
But the markets are known for their wayward momentum and thats what exactly transpired today. The markets opened on a positive note due to the Global positive spread and consolidated during the initial hours of the trading session till the opening of the European markets.
After the European markets provided support with positive outlook and news of the Mr. Pranab as the Presidential Nominee the Bulls took charge of the markets and were in complete control till the closing. Except for the banking space all the other sectors contributed towards the rally, with Tata motors leading the pack after the May sales figures beat the expectation accompanied with the ADAG pack.
By the close of the session the Indices were trading near the days high above the resistance levels of 5140 witnessed for the last few sessions, the rally seemed to further gain grounds but witnessed some Profit booking during the last half an hour of the trading session to close just a tad below the 5140 mark.
Given the spirits at the close and the impending BIG day of RBI announcement and GREEK elections the direction is surely to emerge and this time would be much more fruitful after the consolidation and wait.
Till then have a splendid weekend for the eventful week ahead……………..
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)