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Gap-up opening for equities; Sensex above 17000
November, 16th 2009

Stocks opened higher on Monday in line with global peers. All sectoral indices were trading with gains led by realty and metal counters. The broader market posted significant gains as well.

National Stock Exchanges Nifty was trading at 5051, higher by 1.04 per cent or 52.05 points from the previous close. Bombay Stock Exchanges Sensex climbed 168.58 points or 1 per cent to 17,017.41.

5030, a barrier which resisted markets ascent multiple time is likely to give way on the opening trade. Once above 5030, all bearish positions needs to be wound down and we should play for a bounce to 5200. Positive international markets and lack of any negative news flow on local front makes 5200 and beyond a distinct possibility.

Winter session of parliament will begin from Thursday, November 19, where four important bills - Pension reform, SBI amendment, GST bill and Direct tax related bills are likely to be tabled. We expect State bank and its subsidiaries to be in the limelight for the week, said Anagram Stock Broking.

US stocks rose in light volume on Friday to achieve a second straight week of gains as upbeat retail news reinforced hopes for strong sales in the key holiday season.

The Dow Jones Industrial Average added 73.00 points, or 0.72 per cent, to end at 0,270.47. The Standard & Poor's 500 Index rose 6.24 points, or 0.57 per cent, to 1,093.48. The Nasdaq Composite Index rose 18.86 points, or 0.88 per cent, to close at 2,167.88.

Asian markets were also on the rise taking cues from Wall Street. The Nikkei climbed 0.08 per cent, Hang Seng surged 1.4 per cent and Straits Times added 1.58 per cent.

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