Sensex sees 5 straight days of rally, closes 102 points up
06 Feb 2012
The market continued its upward journey for the fifth consecutive session on Monday, led by banks, capital goods and metals stocks. It started off with more than 200 points gains on the Sensex and even the Nifty was near to the 5400 mark.
However, the second half of trade was quite volatile due to fall in index heavyweight Reliance Industries. European markets also dampened the spirit of market a bit as Greek debt deal has not happened yet over the last weekend. France's CAC, Germany's DAX and Britain's FTSE were down 0.3-1%.
Back home, the BSE benchmark rose 102.35 points, to close at 17,707.31 after hitting an intraday high of 17,829.72 and low of 17,595.10. Meanwhile, the NSE benchmark dropped 35.80 points to 5,361.65.
Experts are cautious now as the market has been going in one way direction. The market rallied 15% since the beginning of 2012. Ambareesh Baliga, COO, Way2Wealth says, investors should wait for a while as he feels that it is a traders' market.
"No doubt we are in a bull market. Clearly that bearish phase is over but again it can't be a one way street. There has to be a decent correction."
Among banks, SBI climbed nearly 3% and ICICI Bank was up 1.4%. Capital goods majors L&T and BHEL moved up 2-3%.
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