Tuesday, 28 October 2008

Key indices make auspicious start, gain over 5 pc

Samvat 2065 gave some sort of breather to the markets as key indices gained by more than 5% on the auspicious day. The strong uptick in Dow J
ones futures and the robust performance of other Asian markets helped spread a positive mood after several days of brutal hammering.

The 30-share Sensex closed the day with a gain of 498.52 points or 5.86% while the broader S&P CNX Nifty of the National Stock Exchange (NSE) closed the day with again of 154 points or 6.12% at 2,678.80.

Tuesday's trading was a special trade held to celebrate the start of the calendar year for the Hindu community.

Beaten down sectors such as realty and metal witnessed some buying with their respective indices gaining the most. All the other sectoral indices ended in the green gaining in the range of 4% to 7%. M&M, J P Associates and Hindalco were the top gainers gaining around 12% each.

Considered being a sacred day for the broking industry broker members did trades mainly on their proprietary books. Muhurat trading is historically a trader's day which depict some interest in the small cap stocks and sell in the next trading session enabling the markets to fall in the next trading session.

The Advances and the declines were inclined towards the advances with around 80% rising 18% losing and around 2% stocks remained unchanged.

Hansal Thakkar, lalkar Securities said, "With the investors making a voyage through the painful times in the markets- with the Sensex losing more than 30% in the month of October it self. It is a good beginning for the investors for the New Year. However it would be to early to make a call on the markets bottom and much is depedend on the US elections and how the liquidity situation pans out across the globe."

Source: EconomicTimes

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