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Sensex upswing continues, ends 2 pct higher
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After a healthy rise on Friday, the Sensex continued its upswing and ended 2.1 percent higher, helped by a rise in markets across Asia and Europe.
Reliance Industries, ICICI Bank and ITC led the gains in the benchmark index as it traded firm almost throughout the session.
Sectorally, the BSE Realty Index surged 5.3 percent. Mahindra Lifespace ended 22 percent higher, and DLF, India’s top listed realty firm, gained over 6 percent.
The oil & gas and banking indices ended 3.4 percent and 2.8 percent higher respectively.
There was not much action in the Satyam stock today, and it ended 0.5 percent lower at 45.25 rupees.
Reliance Natural, Unitech and Satyam were among the top traded stocks on BSE today.
Investor sentiment seems to have improved with the Sensex extending gains over the past three sessions. But the question remains, will the Sensex be able to sustain this momentum? Is the 10,000 mark in sight now?
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Sensex has done three-in- row!It has ended the day at 8943.Sensex Futures closed 17 points ahead so we may be as well seeing on tuesday four-in-row.
Sensex at 10,000 would mean a cross over from a bear market to a bull market.It would then mean that worse is over for the Indian economy.
Before we can claim that worse is over,we may like see that IIP numbers start to become positive,banks are lending to industry without fear of risk,IPO markets are getting active,fear of deflation has vanished,home prices or atleast demand for them is visible.
But for tomorrow’s market, we remain buyers.
This small rally will surely bring relief to many Indian investors.