Stock Mkt Looks Range-Bound Awaiting Govt Decision, Says Vishwas Agarwal
Amid a cautious start, Indian equities continued to trade positively but on a flat note.
Global signals are fairly positive and there are expectations that the government will shortly declare a strong stimulus package to boost up the financial system.
Realty, consumer goods and banking stocks went up, whereas consumer durables and metal stocks turned down.
BSE Midcap and Smallcap index gained 0.65% and 0.61% respectively.
The 30-share index Sensex, today (Dec 04), opened positively with a gain of 31.59 points, at 8,779.02.
At 10:49 a.m., the 30-share index Sensex gained 25.91 points at 8,773.34. It also hit a high of 8,816.93 and a low of 8,726.71.
Meanwhile the broad based Nifty stood at 2,659.05, up 2.60 points, after touching a high of 2,675.00 and a low of 2,646.35. (10.49 a.m.).
Overall market breadth was positive, 460 stocks declined against 843 advancements, while, 52 stocks remained unchanged.
Within the Sensex, the big gainers were Larsen & Toubro (1.88%), State Bank Of India (1.76%), Jaiprakash Associates (1.60%), Tata Motors (1.35%), DLF (1.25%), and ACC (1.07%).
The major losers were Hindalco Industries (4.12%), Maruti Suzuki India (2.93%), Sterlite Industries (India) (1.88%), Tata Steel (1.49%), Reliance Industries (1.27%), and Bharti Airtel (0.58%).
While commenting on the market, technical Analyst Vishwas Agarwal stated that the stock markets looks range bound on Thursday, and are looking for Prime Minister to declare rescue steps for two ongoing problems - internal security and financial crisis.
Mr. Vishwas also said that if the steps taken are productive, then investors can see a 15% to 20% rally in the stock markets.
“Let`s wait for government action. Overall any panic selling puts a buying opportunity for short term,” Mr. Agarwal added.