Wednesday, June 29, 2011
Market Moves : 29-Jun-2011
The Market had yet another session of gains with the Nifty notching up 55 points with a nearly 1% gain in the index.It was the fifth consecutive day it closed with gains.
The Market was well supported by the global cues on expectations of positive news from on the Greek front. Metals, FMCG and banks were the leaders of the rally today
and the sugar sector too saw broad gains. Greece's parliament approved a five-year austerity plan on today with 155 votes in favor and 138 votes against, suggesting
Prime Minister George Papandreou was on track to win backing for a second law tomorrow.Greece's government must now win approval on tomorrow for legislation
detailing specific implementation measures for the 28-billion-euro austerity package, but today's vote clears a major hurdle in its bid to win access to international funding.
Technically market faces the next hurdle at 5700 level which may act as a level that can make or break this rally. For present Bull's seem to have the upper hand.
Pavan (PGP-2) for SOFIA