Sensex over 450 points up; Sterlite, DLF, ICICI up

MUMBAI : The 30-share Bombay Stock Exchange benchmark Sensex was firmly placed on the back of positive cues from global peers. All the sectoral indices were in the green with banks, metals and realty leading the upmove.

According to dealers, the market trend may turn positive if the pull-back rally continues and benchmarks manage to close above resistance levels for a few consecutive sessions.

"On the daily chart, prices for second consecutive trading session have closed below the short term 5&20day SMA which is sign of weakness. However, on the hourly chart the momentum oscillator is still giving positive divergence. Hence, a bounce from current level cannot be ruled out.

Since we have witnessed an inside day formation we reiterate our previous day view that if Nifty trades convincingly below 4720 level then only it may test 4680 - 4650 levels.

However, in view of positive divergence on the hourly chart a bounce up to 4820 - 4840 levels could be expected," said Arihant Capital Market report.

At 11:15 am; Bombay Stock Exchange's Sensex was at 16252.55, up 460.14 points or 2.91 per cent. The 30-share index touched intraday low of 16222.49 and high of 16347.48

National Stock Exchange's Nifty was at 4897.95, up 146.65 points or 3.09 per cent. The broader index touched a high of 4922.60 and low of 4879.25 in trade so far.

BSE Midcap Index was up 1.88 per cent and BSE Smallcap Index gained 1.77 per cent.

All the sectoral indices were in the green. BSE Bankex surged 4.37 per cent, BSE Metal Index gained 4.25 per cent, BSE Realty Index advanced 3.66 per cent and BSE IT Index moved 3.22 per cent higher.

Sterlite Industries (7.51%), Tata Motors (7.36%), Jindal Steel (6.28%), ICICI Bank (6.12%) and DLF (5.79%) and were amongst the major Sensex gainers.

BPCL (-2.77%) was the only index loser.

Market breadth was positive on the BSE with 1783 gainers against 540 losers.

The Asian markets continued to move higher on the back gains in the US. Nikkei 225 was up 0.96 per cent, Hang Seng surged 2.95 per cent, Taiwan Weighted gained 1.12 per cent and Kospi moved 2.80 per cent higher.

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