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Nifty mounts 4600 at open; market breadth robust
August, 24th 2009

Equities opened sharply higher on Monday as upbeat global cues lifted sentiment. All sectoral indices posted significant gains. The broader market gained momentum as well.

Bombay Stock Exchanges Sensex was trading at 15495, up 254 points or 1.7 per cent while National Stock Exchanges Nifty surged 72.75 or 1.61 per cent to 4600.

With the FTSE already at a new 2009 high, Asian indices like Nikkei and the Hangseng will also be on the job today, setting the trend for our own indices. FIIs are also turning buyers in the cash segment after a four session selling spree, also augurs well.

The fact that the Nifty calls in the September series are seeing action in the 4800-5000 region strikes is an early indication of where the action will shift to in the coming sessions. Cover your shorts. Banking should be in the limelight, said Anagram Stock Broking.

Tracking strength in overseas markets, buoyed by hopes for a global economic recovery Asian markets were trading on a strongly positive note Monday. The Nikkei surged 3.12 per cent, Topix rallied 2.48 per cent, Hang Seng added 2.15 per cent and Straits Times advanced 2.13 per cent.

US stocks ended the week at 2009 highs on Friday after a surprising rise in home sales and optimistic comments from Federal Reserve chief Ben Bernanke reassured investors about the prospects for an economic recovery.

The S&P 500 and the Nasdaq hit 10-month intraday highs, while the Dow industrials rose to their highest level in nine months. The S&P 500 is now up 51.7 percent from its 12-year closing low set on March 9.

The Dow Jones Industrial Average climbed 155.91 points, or 1.67 per cent, to end at 9,505.96. The Standard & Poor's 500 Index rose 18.76 points, or 1.86 per cent, to 1,026.13. The Nasdaq Composite Index jumped 31.68 points, or 1.59 per cent, to 2,020.90.

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