It’s A Money Making Week, Says Vishwas Agarwal
Indian equities belled the week on a positive note in line with global peers.
Metal, oil and select capital goods, power segments edged higher this morning, while realty, pharma and IT went down.
BSE Midcap and Smallcap index gained 0.78% and 0.76% respectively as a host of stocks from these segments climbed on keen buying enquiries.
Asian stocks also gained led by higher commodity prices. US plans to shore up the world’s largest economy, a weaker yen boosted the positive sentiments.
The 30-share index, BSE Sensex, today (Jan 19) opened at 9,381.78 after making a gain of 58.19 points, as against its last closure in which it gained 276.85 points.
At 10:04 a.m., Sensex was trading up 32.97 points (0.35%) at 9,356.56 after hitting a high of 9,381.78 and a low of 9,353.72.
In the meantime, the broad based Nifty gained 8.85 points (0.31%) at 2,837.30 after touching a high of 2,844.35 and a low of 2,822.35.
The major gainers in the 30-share index included Jaiprakash Associates (2.12%), Sterlite Industries (India) (1.35%), ACC (1.13%), Hindalco Industries (1.00%), HDFC Bank (0.90%), and Larsen & Toubro (0.86%).
Stock market analyst Vishwas Agarwal stated that two major events are going to take place during this week.
First Barack Obama will take over as the US President and may announce packages for revival of financial system and jobs. Secondly the central bank (RBI) will declare credit policy.
Mr. Agarwal said that these two factors will decide on the market direction.
“Concrete steps by Obama would help stabilize the economy which currently is the most important thing. This is a money making week. The markets could rise with Index based stock rising first followed by madcap stocks,” Mr. Vishwas added.