The markets kicked off the December series on a strong note. Powered by positive global cues and healthy buying interest in stocks across sectors, the indices surged ahead to close with handsome gains. Nifty closed at 5,763, up 128 points, while the Sensex shut shop at 19,363, up 360 points.
The markets started the new series on a positive note and ended the day on an extremely strong note. There was high turnover on both the cash and F&O side. Volatility was very low. Cues from equity markets, across the globe, were encouraging, as most of the Asian peers ended in green. Midcaps were also shining and the BSE midcap index outperformed the benchmark indices.
Sensex and Nifty are up 2.7% each. The CNX midcap index is up 4.8% and the BSE smallcap index is up 3.4%. The BSE realty index is up 8%. Among the Nifty gainers, VSNL is up 19% and Maruti is up 7%. Among the midcap gainers, Eveready Industries is up 31% and WWIL is up 29%.
All the key BSE indices ended in green led by metal, power, realty and IT indices.
DLF, Reliance Energy, Sterlite, Unitech, Nalco, Tata Power, MTNL, TCS and HDFC were among the top gainers on indices. Among the few losers were HUL, Ambuja Cements, Bajaj Auto, GSK, HPCL and Hero Honda.
Deven Choksey of K R Choksey Securities said that distributed buying is taking place in various counters and that shows an indication that the market will go up in December. He added that the range in which the market will move in December will be in the range of 18,800-20,200 levels.
“I do not know much about short covering at this point of time. Post Q2 results, investors are shuffling their portfolio and distributing their weights, across some of the stocks, which are likely to emerge as leaders. I see a kind of distributed buying taking place in various counters, which give a promise for the market to go up in the month of December. Having consolidated in the month of November, we are heading for 19,600 and 20,200 levels in this month on a higher side. The market may take some support at around 18,800 levels, which will become a kind of base level for this month. Broadly, the range will be 18,800 and around 20,000-20,200 levels, in which I see the market moving in the month of December,” said Choksey.
Source: Moneycontrol.com
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