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Sensex registers sixth weekly rise

April 17, 2009

After rising over 3 percent by mid-day, the Sensex pared gains and closed just 0.69 percent higher at 11,023 as investors booked profit ahead of the weekend.

Infosys Technologies, L&T and ICICI shares led the gains in the benchmark.

INDIA-STOCKS/20KUnitech emerged as the star performer, surging over 20 percent. Unitech is looking to sell more stocks and assets, such as hotels and offices, to cut its high debt.

Unitech, Reliance Natural Resources and Suzlon Energy were the top traded counters on BSE.

The realty, banking and IT indices were amongst the best sectoral performers, all gaining around 3 percent.

Markets had briefly turned negative today but still managed to register its sixth weekly rise in a row.

Do you see it as a sign that the bulls are back, or will profit-booking bring the Sensex down again.

Comments

Sensex at 11,023 points is now higher by 2,863 points(35.08%) since 12 March rally.This is a remarkable rebound as we are amidst heat of general elections.This is truly a hard fought election but sadly agenda of our main parties is lacking on any debate about the need for economic reforms.

A notable feature of this rally is that FIIs continue to support our markets.They have been buyers of Rs.6,302cr. since 12 March.

Sensex is playing a role of a psephologist.They say that if sensex is touching say 13,000 points then we can expect a certain party to form the government,and had it stood around 8,000-8,500 points then a different alliance would have formed the government.

Advance/Decline line is clearly pointing towards 13,000 points.Is this its immediate target before 13 May(15 sessions)?

Posted by A.Kapoor | Report as abusive
 

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