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Markets trade with strong gains
January, 10th 2012

The Indian markets are witnessing strong trades with the BSE Sensex at 16,010, up 195 points and the Nifty at 4,802, up 59 points.

RIL and HDFC are the top Sensex movers accounting for a 35-point gain on the benchmark index.

Analysts expect most Asian markets to see mild selling pressure on Tuesday as German Chancellor Angela Merkel and French President Nicolas Sarkozy meet ahead of a major summit of European leaders later this month.

Overnight, the Dow rose 32.77 points or 0.3 per cent to 12,392.69 and the S&P 500 climbed 2.89 points or 0.2 per cent to 1,280.70. European markets all moved to the downside on Monday. While the French CAC 40 Index dipped by 0.3 per cent, FTSE 100 Index and the German DAX Index both fell by 0.7 per cent.

Back home, technical analysts say that one can short the Nifty closer to 4,800-odd levels for downside targets of 4,700.

All the sectoral indices are trading in the green. BSE Bankex, Capital Goods, Consumer Durables and Metal indices are leading the gains, having advanced nearly 1% each.

Axis Bank, IndusInd Bank, Union Bank of India and Kotak Mahindra Bank, up 2% each, are the notable gainers from among the financials.

Alstom Projects India, Crompton Greaves, BHEL and Suzlon Energy, 1-3% each, are the prominent gainers from the Capital Goods' space.

BHEL, Hero MotoCorp, SBI, Larsen & Toubro and Cipla, up 1-2% each, are the prominent gainers on the Sensex. The only loser from the pack is Hindustan Unilever, down marginally.

The overall market breadth is extremely positive as 1,011 stocks have advanced against 274 declining ones, on the BSE.

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