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Posted by Shyam as Market News
It was a day of the bulls clearly. The sensex gained 928 points or 6.07% to close at 16217 levels and nifty closed at 4877 after a rally of 267 points or 5.49%.The sensex has also gained around 9.5% in the last four trading sessions.The question arises is this the beginning of another bull run? Well lets be optimistic but trade with cautious.
There were good reasons behind the rally.The day before yesterday the US markets also closed huge up.In reaction to this the Asian markets were trading higher firmly and Indian markets in turn did shoot up.A lot of short covering also took place in the markets. After JPMorgan increased the bid of Bear Stearns to $10 per share from $2 per share,the banking stocks gained a lot.
Some still feel that this is another relief rally and the markets need to bottom out and form a strong base for the next bull run.At this point of time the sensex stands to lose 20% this year from its highs in Jan 2008.FIIs also turned net buyers on Tuesday purchasing stocks worth $310 million or Rs 1246 crores.
The derivative contract for March would expire on Thursday,so the markets may see a slide again.Meanwhile in the morning trade the Asian markets are trading down with Nikkei 225 losing 147 points at 7.30 AM IST.The US markets also closed a bit lower in yesterdays trade.So the Indian markets may remain subdued today with some profit booking after the rally of 928 points.
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