Golden Investment Research (P) Limited
Market scales 4-1/2-week high in broad-based rally
The Sensex has jumped 710.17 points or 4.59% so far in this month. From a 52-week high of 19,811.14 on 6 April 2011, the Sensex has lost 3,646.05 points or 18.4%. From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 1,029.23 points or 6.79%.
Today's rally on the bourses was broad-based. The market breadth was quite strong. All the 13 sectoral indices on BSE were in the green. Capital goods stocks rose on bargain hunting after last month's steep slide. Index heavyweight Reliance Industries (RIL) jumped 4%. Interest rate sensitive auto, realty and banking stocks surged on expectations that the Reserve Bank of India (RBI) will start cutting interest rates in the coming months to prop up slowing economy.
The market opened on a firm note on higher Asian stocks. The market extended initial gains to hit fresh intraday high in morning trade. The uptrend continued, with the Sensex hitting fresh intraday high in mid-morning trade. The market trimmed gains after hitting fresh intraday high in early afternoon trade. The market held firm in afternoon trade. The market strengthened further to hit fresh intraday high in mid-afternoon trade. The market extended gains in late trade.
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