Posted By : Kishore B.S
Hi Friends !!!!
As expected the markets opened with a Positive GAP, but the positiveness seemed to be shortlived with the Indices drifting down slowly to almost flat during the initial hours of the trading session.
However after the news flow came in of cut in Key rates by the Chinese banks coupled with the declining Dollar provided the ammunition for the Upmove whereby the Indices started inching Up to cross the hurdle zone of the 5036 which was not breached during the opening session.
The RIL AGM almost provided some support with announcements of investments to the tune of 1 lac Cr in the various Sectors Indian Economy caught the fancy of the investors and traders, thereby supporting the view that some Economic Development after yesterdays PM’s assurance had taken off.
With todays Upmove, it has been the 3rd consecutive Positive day for the Indices and with the European markets trading at their days high ahead of the Meet today could provide Our Indices with booster to open on a positive note for the 4th Consecutive trading session tomorrow. The ADAG pack and some of the Infra sectors stocks were in the limelight today, but for the IT sector, where most of the frontline IT stocks were trading in the negative terrritory.
Though much can be said and written it remains to be watched if the Indices are able to cross the hurdle of 5080 to reclaim the 5200 levels ahead of key events in the Euro and US markets scheduled for the later half of the current month.
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)