Monday, June 27, 2011
Market Moves : 27-Jun-2011
The Market closed the opening day of the week on a good note with Nifty gaining 1% which can be presumed as decent follow up for the Friday's rally and the icing on the cake was it finished above the level of 5500.The Indian Market outperformed all other major Asian markets and the rally was supported by the surge in European stocks in the closing moment. Globally commodities have tumbled to 5 month lows and the crude oil level near 90$ still seems to be supporting the market.
There was buying observed in Banking and Oil marketing companies whereas marginal declines observed in defensives like FMCG and Pharma sectors indicating a relatively bullish sentiment and fresh longs. The real test of Nifty would be whether it can cross the next very curtail gap between 5540 and 5583.The fuel price hike has been absorbed as a positive news by the market though its impact on inflation
may yet has to be taken into account. So the bullish sentiment prevailed at least for today and lets watch out for tomorrow.
Pavan (PGP-2) for SOFIA