The Sensex started the session on a flat note at 18141, mere three points down. The Sensex soon turned to the positive terrain. The index continued to trade firm throughout the morning session. The Sensex gathered momentum in the afternoon session as the Asian indices pared its early losses and also strong opening by the European markets. In the last hour of trade, the index touched the 30-month high of 18309 as buying intensified in the realty, consumer durables, banking and metal stocks.
At the closing bell, the Sensex closed at 18287, up 144 points. The Nifty shut shop at 5486, 47 points higher.
Bond Market Update: India’s 10-year bonds climbed for a second day, pushing their yield to the lowest level in more than a week, on speculation that the central bank will refrain from increasing interest rates at its policy review next month. India’s rupee rose towards a seven- week high on speculation that an improving economy and rising interest rates will spur overseas demand for the nation’s assets.
Market Outlook: With no major data releases tonight, in India everyone will be looking forward to the index of industrial production (IIP) numbers, which are to be released on Thursday (August 12, 2010), and Tuesday (August 10, 2010) Federal Reserve meeting in the US.
Market sentiment:
The market breadth was robust as advancing stocks outnumbered the declining ones. Of the 3,072 shares traded on the BSE, 1,958 shares advanced whereas 1,002 shares declined. Hundred and twelve shares traded unchanged.
RECO FROM DIFFERENT BROKERS (FOR INTRADAY):
FAIRWEALTH SECURITIES:
Buy LIC Housing Finance above Rs 1,223 for target of Rs 1,236-1,249 and stop loss of Rs 1,210.
Buy Allahabad Bank above Rs 207 for target of Rs 211-215 and stop loss of Rs 204.
Buy Sesa Goa above Rs 376 for target of Rs 383-388 and stop loss of Rs 369.90.FUNDAMENTAL CALLS:
Emkay Global recommends `Buy` on United Bank with target of Rs 110 as against CMP of Rs 87
Sharekhan recommends `Buy` on Andhra Bank with target of Rs 169 as against CMP of Rs 142
Asit C Mehta recommends to `Buy` Godawari Power and Ispat with target of Rs 269 as against CMP of Rs 235
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