rahul_parab2006
Rahul Parab
Markets rock on as crude falls
The Sensex crossed the 15,000 mark as it vaulted 551.35 points to close 3.80% up at 15,049.86 points. The Midcap and Smallcap indices gained around a hundred points each to close with gains of 1.66% and 1.32% to close at 5837.01 and 6982.39 points respectively. The rate sensitive indices were in demand as oil fell with Realty and Bankex gaining 7.35% and 6.06% respectively to close at 5,367.27 and 7,446.52 points in that order.
The yo-yoing in the rate sensitive indices have been going on for some time. Some days see the counters at the top of the gainer's list while others catch them languishing on the loser's roll. Whether today's surge should be seen as an opportunity to unload is debatable. Arpit Agrawal, Research Head at Arihant Capital Markets said, "Banking can be seen as a good valuation play even over the long-term. However real estate is not something that we are very bullish on although there might be some technical bounces even there."
The story was repeated on the Nifty with SBI and ICICI leading the list of top gainers with gains of 7.59% and 7.38% while DLF and Unitech likewise gained 7.32% and 6.97%. ONGC brought up the rear with a gain of 6.91% as oil dropped to $108 levels. Cairn topped the list of losers with a 5.76% drop as Ranbaxy and Tata Motors closed with losses of close to 2%. On the whole there were 47 advances among the Nifty set which propelled the index up by 155.35 points to close at 4504.00.
The global markets were less euphoric about the drop in oil prices as the NYSE Composite dropped 0.99% and the NASDAQ Composite dipped even more at 1.83%. Asian markets were also down with the Nikkei and Hang Seng down 1.75% and 0.68% respectively. The foreigners did not mind buying in India however, as they scooped up scrips after a long stretch of selling. They were net buyers by 1132.25 crore according to provisional figures on the NSE.
As to what might be a good sector to watch, the experts seem to fin it difficult to make a call in the current market scenario. "Pharma and FMCG seem like safe sectors as well as banking especially PSUs." said Arpit Agrawal.
The Sensex crossed the 15,000 mark as it vaulted 551.35 points to close 3.80% up at 15,049.86 points. The Midcap and Smallcap indices gained around a hundred points each to close with gains of 1.66% and 1.32% to close at 5837.01 and 6982.39 points respectively. The rate sensitive indices were in demand as oil fell with Realty and Bankex gaining 7.35% and 6.06% respectively to close at 5,367.27 and 7,446.52 points in that order.
The yo-yoing in the rate sensitive indices have been going on for some time. Some days see the counters at the top of the gainer's list while others catch them languishing on the loser's roll. Whether today's surge should be seen as an opportunity to unload is debatable. Arpit Agrawal, Research Head at Arihant Capital Markets said, "Banking can be seen as a good valuation play even over the long-term. However real estate is not something that we are very bullish on although there might be some technical bounces even there."
The story was repeated on the Nifty with SBI and ICICI leading the list of top gainers with gains of 7.59% and 7.38% while DLF and Unitech likewise gained 7.32% and 6.97%. ONGC brought up the rear with a gain of 6.91% as oil dropped to $108 levels. Cairn topped the list of losers with a 5.76% drop as Ranbaxy and Tata Motors closed with losses of close to 2%. On the whole there were 47 advances among the Nifty set which propelled the index up by 155.35 points to close at 4504.00.
The global markets were less euphoric about the drop in oil prices as the NYSE Composite dropped 0.99% and the NASDAQ Composite dipped even more at 1.83%. Asian markets were also down with the Nikkei and Hang Seng down 1.75% and 0.68% respectively. The foreigners did not mind buying in India however, as they scooped up scrips after a long stretch of selling. They were net buyers by 1132.25 crore according to provisional figures on the NSE.
As to what might be a good sector to watch, the experts seem to fin it difficult to make a call in the current market scenario. "Pharma and FMCG seem like safe sectors as well as banking especially PSUs." said Arpit Agrawal.