Sensex snaps 3-day losing streak, ends 184 points higher
13 Jul 2011
Indian equity benchmarks saw nice pull back on Wednesday and broke three-day losing streak, with rising 1%. Recovery was majorly led by short covering in banking, metal, telecom, auto and select infrastructure companies' shares. Oil & gas stocks too supported the market.
The 50-share NSE Nifty tried to touch the 5,600-mark in the late trade, before closing up 59 points at 5,585 with support from 44 stocks.
Sameer Kamdar, CEO & MD of Ask Investment Managers Pvt .ltd said he doesn't see the market breaking out of the 5200-5800 band. He feels that the market would see some sort of consolidation till September and post that it will see some sort of a decisive move.
"Fundamentally there is nothing that will drag the market higher from the current levels but at the other end on the downside below 5300 we don't really see any kind of distress. So we will possibly uptill September see the markets being rangebound. Post that when clarity on some of the macro issues regarding Europe, regarding monsoons in India, inflation, interest rates, when all of those are in the bag then we will see a decisive move either upwards or downwards, most probably upwards," Kamdar explained.
The 30-share BSE Sensex gained 184 points today amid a choppy trade, to close at 18,596. The index had shed more than 650 points in previous three sessions.
The broader indices too saw similar trend, with the BSE Midcap and Smallcap indices rising 1% each. About three shares advanced for every one share declined on National Stock Exchange.
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